Belgian Photovoltech shuts down ops

Sep 17, 2012 - Belgian solar cell maker Photovoltech shut down its operations and most of the employees left the company last Friday, news agency Belga reported on the same day.

Some technicians will remain at work until the end of the month to ensure the safe termination of production.

Photovoltech said in June it had to close doors due to large losses and lack of perspective for improvement. The last remaining manufacturer of solar panels in Belgium was hurt by market overcapacity and dumping prices of Asian low-cost producers. It employed 276 people at the time.

Chief executive Johan Nys was cited as saying by Belga that the company's financial situation was so bad that it could not wait for the results of the ongoing EU anti-dumping investigation in the sector. The European Commission announced last week a probe of trade practices of Chinese solar panel producers.

Photovoltech was set up in 2001 as a spin-off of IMEC, a researcher in nano-electronics and nano-technology, and is jointly owned by oil major Total SA (EPA:FP) and French utility GDF Suez (EPA:GSZ).

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