18 Sep '12, 2pm

Suntech Reducing Solar Cell Production Capacity

Suntech gained 6.6 percent to 93 cents an American depositary receipt (ADR) at the close in New York, the most since Sept. 11. Each ADR represents one ordinary share. Suntech will cut production capacity for solar cells to 1.8 gigawatts, the Wuxi, China-based company said in a statement . The company said it had 2.4 gigawatts of annual capacity in May when it released its first-quarter results. It didn’t say when it believes output would increase again. The company isn’t reducing its 2.4 gigawatts of solar-panel production capacity, just temporarily closing the cell production portion of it. The majority of the approximately 1,500 employees affected will be offered other jobs and the rest will be fired, according to the statement. Prices for solar cells dropped 45 percent in the past year as governments in the U.S. and Europe pared back incentives and demand slowed. Suntec...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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