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
European Globalisation Fund (EGF)
Year: 2014, Case number: 14
657 jobs Number of planned job losses
Announcement Date
30 April 2014
Employment effect (start)
30 April 2014
Foreseen end date
16 December 2015
Description
Aleo solar, a German manufacturer of solar modules, has recently cut 657 jobs in Germany. The company was dissolved on 30 April 2014, in the following months the workforce has been reduced from around 850 to 190. In the production plant in Prenzlau, 440 out of 590 employees had to leave the company.
As announced on 16 December 2014, the European Commission intends to provide financial aid of around €1 million from the European Globalisation Adjustment Fund to 476 of the former employees who remain in a transfer agency or unemployed. The sum shall be supplemented by German federal funds to a total of €1.8 million to be spent on former employees who attend advanced training or intend to become self-employed.
Aleo solar has suffered from a tough competition with Asian solar module manufacturers. Between 2005 and 2011, the Chinese share of the worldwide market has increased from 11 to 45 pc, while the German share has fallen from 64 to 11 pc. After former principal shareholder Bosch dropped out of the solar industry in 2013, Aleo solar has failed to find a new investor.
Sources
16 December 2014: newskitchen.eu
16 December 2014: jurion.de
Citation
Eurofound (2014), Aleo solar, Internal restructuring in Germany, factsheet number 78019, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78019.
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