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Sep 18th, 2012
Suntech resets production capacity and reorganizes
Suntech Power Holdings Co., Ltd. announced that in order to reduce production cost and operating expenses, the Company has temporarily closed a portion of its solar cell production capacity in Wuxi, China and will continue to optimize its organization.
Post the restructuring, Suntech's operational solar cell capacity will temporarily be reduced to 1.8GW, module capacity will remain at 2.4GW and wafer capacity will remain at 1.6GW. The consolidation of solar cell capacity is expected to affect approximately 1,500 employees in China. The majority of employees will be offered positions at other production facilities and severance packages will be provided to all others. The restructuring initiatives are expected to substantially improve the utilization rate of solar cell production facilities. In addition, Suntech's panel cost is expected to improve as production will be concentrated at the Company's highest efficiency, lowest cost manufacturing facilities.
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