Komax Solar lays off 70 workers

At the start of this year, the Switzerland-based company had a 285 strong workforce, most of whom reportedly worked outside of Switzerland. However, in order to adapt to the market conditions, it is having to let 70 go. Despite this, the company is confident of the future of solar.

"The global solar market remains in the grips of a crisis whose end is currently difficult to foresee. As a result, Komax Solar is making further efforts to adapt its structures to the present demand situation," it said in a statement released. It added "However, solar will remain an attractive market in the longer term. The product range is being further developed and marketing efforts continue. Komax Solar remains well placed to benefit from the expected upturn in the new market setting."

On the same day, May 31, Komax announced that it had acquired wire processing company, MCM Cosmic KK. Based in Tokyo, it has a workforce of 15.

Komax Solar develops equipment for the production of both crystalline and thin film photovoltaic modules.