Centrotherm cites PV sector weakness as 50 jobs cut

Share

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.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.