Suntech cuts solar cell production capacity

Suntech Power Holdings Co Ltd, the world's largest solar panel maker, said it temporarily shut a portion of its solar cell production capacity in China, as it grapples with weak selling prices and import duties in the United States.

Suntech's operational solar cell capacity will temporarily be reduced to 1.8 gigawatts (GW) from about 2.4 GW.

The cut at the Wuxi facility is expected to affect about 1,500 employees in China. Most of these employees would be offered positions at other production facilities but some would face severance, Suntech said.

Suntech said it is on track to reduce recurring operating costs by 20 percent in 2012.

The company last month estimated weak margins for the second quarter and cut its full-year shipment outlook.

Another solar equipment manufacturer, China's LDK Solar Co Ltd, reported on Monday a much bigger loss, downgraded its sales forecasts and said it was in talks with potential investors.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Panasonic - Rise & Shine

Panasonic - Rise & Shine

Panasonic a leader in consumer electronics, business solutions and industrial components has been in the solar business for 40 years, providing high efficiency and high quality solar panels HIT® for over 17 years. With so many years of experience, Panasonic's corporate goal is to provide durable, efficient and high performance products to its customers.