SMA Solar to reduce workforce

SMA Solar Technology has announced that it will cut 1,000 employees due to a dramatic loss in sales and a downturn in Europe. The company said it will lay off 450 employees worldwide and stop using 600 temporary staff.

The company said it expects 2013 sales to be down to between $1.2 billion and $1.7 billion. Sales for 2012 are expected to be between $1.7 billion and $2 billion.

“The growth impulses of the non-European photovoltaic markets are not sufficienct to compensate for the expected decrease in European demand,” said Pierre-Pascal Urbon, speaker of the Managing Board. “Due to a strongly growing price pressure, we cannot compensate for such a drop in sales in such a short time only through productivity improvements and technical innovations. In the best-case scenario, we expect a balanced operating result for 2013. At present, we cannot exclude the possibility of a loss.”

The managing board said it expects a return to profitability from 2014 by investing in research and development and reducing production costs.

Read more financial news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...