The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Computer, Electronic And Optical Products 26.11 - Manufacture of electronic components
250 jobs Number of planned job losses
Announcement Date
1 June 2012
Employment effect (start)
1 June 2012
Foreseen end date
31 December 2012
Description
As announced on 1 June 2012, German photovoltaic system manufacturer Solarworld will cut 250 jobs in Freiberg (Saxony) until the end of 2012. This is due to losses incurred in 2011. Solarworld reported that most job cuts are to be implemented through non renewal of fixed-term contracts which are to expire soon, but there are no concrete numbers.
Worldwide, Solarworld employs 3,300 people, 1,800 of them in Freiberg. The company's decision has been reported to become necessary by an intensified Chinese competition and reductions in state subsidies for solar generated electricity promotion.
Solarworld is not the industry's only company facing difficulties, Odersun and First Solar have been reporting similar problems and announced restructuring.
Sources
1 June 2012: Handelsblatt (online)
1 June 2012: Freie Presse (online)
4 June 2012: Financial Times Deutschland
Citation
Eurofound (2012), Solarworld, Internal restructuring in Germany, factsheet number 73683, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73683.
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