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Dec 18th, 2012
Sunways to cut 40% of workforce
The market environment for the German solar manufacturing industry changed drastically in the past few years.
Market prices for photovoltaic components decline continuously. Against this background and in view of Sunways AG’s difficult economic situation, the Management Board, with the consent of the Supervisory Board, passed a resolution on the Group’s extensive restructuring and realignment. The business model with respect to solar modules and inverters will be adapted. Standard solar cell production capacities at Sunways Production GmbH will be reduced, simultaneously activities will concentrate on specialist solar cells for the automotive sector and building-integrated photovoltaics (BIPV). The utilization of synergies with the LDK Solar Group, the company’s majority shareholder, will be consistently expanded. The envisaged changes will inevitably involve staff reductions across all functional areas and locations of the Group. The resulting total cost reductions will have a positive effect on the earnings development of Sunways and thus support the company’s funding efforts.
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