First Solar Lays Off 2,000 Workers

First Solar layoffs 2,000 workersTEMPE, Ariz. -- America's largest solar panel manufacturer is laying off 2,000 workers and closing factories in response to waning demand and increased competition from China.

First Solar Inc. says the layoffs amount to 30 percent of its global workforce. Some cuts come from shutting down production lines in Malaysia and closing a factory in Germany. The company will also cut additional jobs in both Europe and the U.S.

First Solar says its manufacturing costs should drop by $30-$60 million this year and another $100-$120 million a year afterward. It will book a restructuring charge of $245 to $370 million.

The Tempe, Ariz., company says the cuts are necessary to cope with deteriorating demand in Europe, which has been the biggest market for solar panels.

Shares rose 5 percent in premarket trading.



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swtdreamluvr

DOLLORS MY BAD

July 13 2012 at 11:23 AM Report abuse rate up rate down Reply
swtdreamluvr

NOT TO WORRY OBAMA WILL GIVE THEM MORE TAX DOLORS.

July 13 2012 at 11:22 AM Report abuse rate up rate down Reply
Welcome Garners

The solar push is one of the liberal mainstays. Liberals are always right. How could this possibly happen?

April 17 2012 at 11:04 PM Report abuse +1 rate up rate down Reply
DANIEL ARGUELLES

Now is the perfect time to stick any kind of solar on your roof!

http://www.youtube.com/watch?v=LIwI3TXVGbw

April 17 2012 at 10:49 PM Report abuse rate up rate down Reply
KINGFLOORS

Wonder how many millions of dollars we have sunk into this company?

April 17 2012 at 10:49 PM Report abuse +2 rate up rate down Reply
vtmilitia

And O'Bama vowed to double down on green energy. Did they get any federal monies?

April 17 2012 at 10:48 PM Report abuse rate up rate down Reply
calarican

Solar is a scam

April 17 2012 at 10:31 PM Report abuse +4 rate up rate down Reply
psridgell

We are booming here in the oil field, lots of high paying jobs, oil workers making $70K to $100K general labor. And we have lot's of sunshine, but alas, no solar companies to go broke. Drill baby Drill !!

April 17 2012 at 9:33 PM Report abuse +2 rate up rate down Reply
1 reply to psridgell's comment
westy666

The major use of oil as an energy fuel really began in America back in early 1900's. We have now used up the "easy" oil, in less than 80 years. Riskier oil was the next target giving us deep offshore drilling, Alaska drilling. Not enough there to meet demand either. So lets look at SERIOUS risky oil targets - shale. Fracking that caused toxic chemicals dumped into water tables, violent ground shocks that cause earthquakes and tremors where none have ever been recorded.

Anyone that believes that continued dangerous, risky, devasting oil drilling is the way to go - is making a living off the oil industry and has turned their backs on America's future for their own well being today. They are concerned ONLY about themselves and their lot in life, and not that of future generations. How selfish and sad.

April 17 2012 at 10:17 PM Report abuse -2 rate up rate down Reply
atgexec

How can this be? The Prez says he is gonna do away with fossil fuels and coal? Oh Solyndra, yes, I forgot, that was the news five minutes ago and they turned of the teleprompter.

Blame Bush, Blame the GOP, BLAME BLAME BLAME, this is getting kind of old, don't you think?

Please remember to vote...

April 17 2012 at 9:23 PM Report abuse +5 rate up rate down Reply
1 reply to atgexec's comment
westy666

Remember too that Bush in 2005 created the alternative energy funding agency. Solyndra applied in 2006. China saw how serious U.S. was becoming about being #1 in solar manufacturing, they sped up their national directed program. By the time Solyndra, First Solar were approved for the funds (2009-3 years too late), China has already flooded and dominated the market with same products at half the price.

Exactly how they (China, Japan) eliminated American Television manufacturing.

So yes, blame Bush/GOP and blame the 'low-effort" thinkers that can't stand the truth about the failed GOP ideas. Continue to hide in your unrealistic world. America will fail based on your ignorance.

April 17 2012 at 10:10 PM Report abuse -3 rate up rate down Reply
1 reply to westy666's comment
Laura

Please explain President Clinton' s sending all those jobs to Mexico. Oh, that's right, Democrats NEVER make mistakes!

April 17 2012 at 11:28 PM Report abuse +1 rate up rate down
alfredschrader

I designed my first solar panel in 1977 (35 years ago). I'm decades ahead of everybody. The last thing you want to do is put your expensive semi-conductor solar cells outside exposed to; birds, soot, hail, rain, snow, etc. Instead, you put the photovoltaic cells
into a special reflective indoor cabinet , and you channel the sunlight to the cabinet with fiber optics. With this method you can collect 5 times as much sunlight using inexpensive roof top collectors. ...Alfred-

April 17 2012 at 8:30 PM Report abuse +1 rate up rate down Reply
1 reply to alfredschrader's comment
alfredschrader

But my best design is my solar fractionating system that turns sea water into fresh water and gives you free sea salt. It turns a desert into lush farm land. It's worth many billions. I gave it to the people of Africa for free....Alfred-

April 17 2012 at 8:38 PM Report abuse +2 rate up rate down Reply

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