News Article
ISOFOTON: 380 workers could be affected by restructure
ISOFOTON, has announced a restructuring plan to safeguard the future competitiveness of the company which is expected to impact 380 workers in its Malaga factory. The plan includes a variety of measures designed to maintain the stability of the company, which also has a factory in Napoleon, Ohio (US).
The company has begun negotiations to refinance its debt with suppliers in order to ensure its viability, given the current state of the PV sector and the broader economy.
The company will implement a more flexible business structure that adapts to the continuous oscillations in the increasingly competitive solar market, which is faced with an economic crisis, difficulties in access to financing, the lack of regulatory support in Europe and competition from Asia.
ISOFOTON, which by the end of 2012 exported 99% of its production, says it remains solid and financially stable thanks to its positioning and international expansion. The company continues to close projects in key markets for the PV sector, including Australia, Saudi Arabia, USA, Latin America and Japan.
