Sovello: Big job cuts expected

Germany’s Mitteldeutschen Zeitung has reported that up to 548 jobs could go as part of the insolvent photovoltaic company’s restructuring plan. The news was said to have come from district manager of trade union Bergbau, Chemie, Energie (IG BCE), Erhard Koppitz. However, Sovello’s management announced yesterday, June 20, that it is currently not planning to cut any jobs from its 1,200 strong workforce.

"I personally believe that there will be job cuts sooner or later," worker’s council head, Matthias Gonschorek also told the German newspaper. He declined to speculate on the extent of the reductions, however.

The property, material and personnel costs are currently being reviewed, as has already been announced in Sovello’s restructuring plan, spokesman, Robert Reinsch told pv magazine. When the results are available, we will first inform the staff and then the public. He added that concrete results are expected to be available, at the latest, early this August.

Reinsch further confirmed that a bidding process is currently underway. Supported by consulting firm, KPMG, Sovello is looking for an investor to come on board. There are no concrete results yet, however, and all parties have agreed not to disclose any details until a final agreement has been reached.

Translated by Becky Beetz.