30 Jul '14, 3pm

SMA Solar to Cut 600 More Jobs and Lower Full-Year Forecast Citing Weak Demand

SMA Solar to Cut 600 More Jobs and Lower Full-Year Forecast Citing Weak Demand

SMA Solar Technology AG, Germany’s biggest solar company, said it may lose as much as 45 million euros ($60 million) this year because of “stagnating” demand in the solar industry. Shares fell the most in seven months. SMA cut its sales forecast to 850 million euros to 950 million euros, from 1 billion euros to 1.3 billion euros earlier, it said today in a statement. The company will fire 600 more workers after it said in July last year it would cut 700 full-time positions , or 800 people, by the end of this year. “We expect to see a stagnation in the worldwide demand for PV systems for 2014 as a whole,” Chief Executive Officer Pierre-Pascal Urbon said. “Particularly in the core markets in Europe, demand has collapsed even further than expected due to further cuts in subsidies.” SMA cut jobs and is reducing costs in a bid to counter falling sales in Europe. The company, wh...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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