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 Electrical Equipment 27.1 - Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus
400 jobs Number of planned job losses
Announcement Date
10 February 2017
Employment effect (start)
10 February 2017
Foreseen end date
31 December 2019
Description
On 10 February 2017, German photo voltaic system manufacturer Solarworld announced to cut 400 jobs by 2019. The job cuts will be implemented both in the production and administration department. The affected sites are mainly Arnstadt and Freiberg. The management is negotiating with the works' council at the moment.
Solarworld made a loss of €99 million before interest and taxes in 2016. The company is struggling with the Chinese competition and a complicated market situation. The management released a new strategy and wants to focus on the production of photo voltaic panels based on mono crystalline solar cells. The manufacturing activities of solar panels with multi-crystalline cells will be terminated.
Solarworld employs 3,288 employees in Germany and in the USA.
Sources
10 February 2017: Solarworld press release
11 February 2017: thueringen24.de
Citation
Eurofound (2017), Solarworld, Internal restructuring in Germany, factsheet number 90375, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90375.
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