Ferrotec Corp. (6890), a Japanese maker of electronic components, plans to cut about 800 jobs across the company as it restructures its solar product business.
Ferrotec will stop making and selling silicon ingots, wafers and cells used for solar panels under its own brand, the Tokyo-based manufacturer said today in a statement. It will produce them for other companies.
Ferrotec and its peers have grappled with lower prices for panels as Chinese producers flood the market, economies stagnate and governments curb subsidies for renewable energy. The oversupply has contributed to losses for the Japanese company, which revised its half-year earnings forecast today.
“The business environment for the solar-panel market has deteriorated rapidly since the second half of last year,” the company said in the statement. “We made plans to restructure through mainly reducing the size of our business.”
Choosen excerpts by JMM from
via Ferrotec to Cut 800 Jobs, Restructure Solar Silicon Business – Bloomberg.
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Wow great post..keep going Electronic components in India
Posted by Electronic components in India | November 26, 2012, 4:19 am