Wednesday, April 18, 2012

First Solar Cuts 2,000, Shuts German Factory

Tempe, Arizona-based solar panel manufacturer First Solar said late Tuesday that it is cutting 30 percent of its staff, or 2,000 positions, as it shuts a German factory and idles four production line sin Malaysia. First Solar said the move comes due to "deteriorating market conditions" in Europe. First Solar said the moves will save it $30 to $60 million this year, with $100 to $120 million annually from the cuts. First Solar did not say how many of its headquarters staff in Tempe would be affected by the move.