Centrotherm cites countervailing in announcing 50 job cuts
Centrotherm has announced it is to cut 50 jobs in a restructuring process they state is due to the recent market weakness in the photovoltaic industry
To ensure the company's success and to maintain competitiveness, centrotherm intends to cut around 50 jobs at its headquarters in Blaubeuren and additional jobs at its international locations. The Management Board informed workforce and the Works Council on the proposed costs, efficiency and the personnel measures planned. Management wishes to discuss and implement the personnel measures in close coordination and mutual agreement with the Works Council.
The company intends to reduce its workforce in a manner which is as socially compatible as possible. Compulsory redundancies are not currently planned. These measures also reflect the response of centrotherm photovoltaics AG's Management and Supervisory boards to the uncertainty of Chinese and Taiwanese manufacturers of solar cells prevailing since July owing to more stringent US anti-dumping duties on solar products from these countries and resulting in a shift of their investments and capacity expansions.
As described in its half-yearly report, the company's performance and business expectations from a positive market recovery in the photovoltaic sector in the first half of 2014 have recently taken a marked turn for the worse. From today's standpoint, the Management Board anticipates that the guidance released in its half-yearly report can still be achieved involving special effects.