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.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.11 - Production of electricity
400 - 500 jobs Number of planned job losses
Announcement Date
2 December 2014
Employment effect (start)
2 December 2014
Foreseen end date
30 June 2015
Description
SMA Solar Technology announced to cut between 400 and 500 jobs in Germany by mid-2015. Currently, the company employs around 3,000 people in Germany.
SMA Solar Technology suffers from decreasing demand in the solar industry and expects an operational loss of €115 million this year. The company aims to reduce development costs by €40 million during the next months. In reaction to the announcement, the SMA stock price decreased by 23 pc.
SMA is one of the world market leaders for photovoltaic inverters. The company employs 5,000 people across 21 countries worldwide. The job reduction will also affect sites in other countries. More than 600 jobs shall be cut worldwide, including the 400 to 500 jobs in Germany.
The recent job cuts constitute a further continuation of the company’s cost reduction measures implemented during the last two years
Eurofound (2014), SMA Solar Technology, Internal restructuring in Germany, factsheet number 77963, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77963.
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