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First Solar to cut 2,000 jobs
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First Solar, a maker of photovoltaic panels and other sources of alternative power, announced on Tuesday that it will cut 2,000 jobs in the U.S. and Europe.
First Solar said it will reduce 30 percent of its workforce in order to save money. The company's stock rose more than 8 percent on the news.
Europe will bear the brunt of the cuts. First Solar spokesman Ted Meyer said that 120 job cuts will occur in the United States, mostly to corporate and administrative staffers. He said the bulk of the jobs lost -- some 1,200 positions -- will be in Germany, primarily because of an impending factory closure in Frankfurt. First Solar will also idle production lines in Malaysia this year.
First Solar said it will reduce 30 percent of its workforce in order to save money. The company's stock rose more than 8 percent on the news.
Europe will bear the brunt of the cuts. First Solar spokesman Ted Meyer said that 120 job cuts will occur in the United States, mostly to corporate and administrative staffers. He said the bulk of the jobs lost -- some 1,200 positions -- will be in Germany, primarily because of an impending factory closure in Frankfurt. First Solar will also idle production lines in Malaysia this year.
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