Centrotherm cites PV sector weakness as 50 jobs cut

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Having published prescient first half financials last month, centrotherm Photovoltaics AG today announced that it is to cut 50 jobs from its Blaubeuren, Germany headquarters amid what it calls a "renewed weakness in the photovoltaic sector".

In August centrotherm posted strong financial results but warned that the company foresees a difficult second, citing "more stringent U.S. anti-dumping duties imposed on Chinese and Taiwanese solar products". Today, that forecast came to pass as the company revealed in a statement that part of its ongoing restructuring will result in the loss of 50 jobs.

Currently, no compulsory redundancies are planned, read a centrotherm statement seen by pv magazine. Instead, the company hopes to "reduce its workforce in a manner that is as socially compatible as possible". Additional job losses at centrotherm’s international locations are also anticipated.

Despite today’s action, centrotherm’s management board remain convinced that the company can achieve the guidance set out in its half-yearly financial report, which targets a year-end revenue within the range of €150 million and €200 million. First half revenue reached €78.1 million, which represented a half-on-half increase of €28.1 million.

Centrotherm’s Qatar project has continued to progress well, but the company did not explicitly state whether jobs would be safe at its Middle East operation.