News Article
Phoenix Solar to rebuild for future
Phoenix Solar has decided to part company with a number of loss making operations due to the fact that the market environment raises severe doubts about their recovery in the near term. Subsequently, Phoenix Solar will lay enhanced focus on the strongly growing regions of Asia and the USA where its regional subsidiaries have successfully established themselves in their respective markets.
The North American and Asian operations have ramped up the capacities and competencies necessary to manage, develop and expand their businesses in an operationally independent manner. The subsidiary in the US, established in 2010 grew its sales by a factor of almost eight in 2012 and subsequent to the planned initial losses during the start-up phase now reports a profit well above expectations.
The Singapore subsidiary has reported a strong order backlog and plans to quadruple its sales as compared with 2012. In Europe, the French and Greek subsidiaries are well positioned and profitable. Capacities in Spain and Italy on the other hand have been significantly reduced in view of the uncertainties in their local markets and their challenges in reaching earnings targets. The subsidiary based in Oman is to be closed.