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
1,000 jobs Number of planned job losses
Announcement Date
22 August 2012
Employment effect (start)
1 August 2012
Foreseen end date
30 September 2012
Description
German Sovello, manufacturer of solar cells, has gone bankrupt and announced to cut all 1,000 jobs in Bitterfeld, Germany. It is reported that 500 employees were made redundant at the beginning of August, while an additional 500 employees will be dismissed at the beginning of September.
Sovello had filed for insolvency in May 2012 and was not able to find an investor. According to the company the insolvency was triggered by a severe crisis in the solar sector, by fierce competition with cost-effective solar companies from China as well as by decreasing government subsidies.
Sources
21 August 2012: Financial Times Deutschland
Citation
Eurofound (2012), Sovello, Bankruptcy in Germany, factsheet number 74002, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74002.
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