Sovello next for insolvency?14. May 2012 | Industry & Suppliers, Markets & Trends | By: Sandra Enkhardt
According to reports, the photovoltaic company is drastically cutting production. Sovello declined to comment, however, that it will soon be filing for insolvency.
Spokesman, Robert Reinsch would not say whether or not Sovello AG is in trouble. However, according to a report in Saturday’s edition of Germany’s Mitteldeutschen Zeitung, the manufacturer could soon be filing for insolvency, although the company will continue operations.
Reinsch did confirm that Sovello had scaled back production by a third, due to the difficult photovoltaic market situation. Furthermore, he said the possibility of introducing shorter working hours for the 1,200 employees located in Thalheim would be explored. No one at Sovello could be reached for further comment today, Monday May 14.
The company announced in January that it would expand its production capacity. To achieve this, the string ribbon wafer manufacturer invested around €35 million in new high technology furnaces.
Translated by Becky Stuart.
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