November 30 (Renewables Now) - Loss-making Taiwanese solar cell maker Motech Industries Inc (TPO:6244) plans to axe about 916 employees across the company by January 28, 2019.
Motech blamed the severe volatility in the solar industry for its decision. The company noted that it made organisation alignments over the past few months by integrating manpower allocations gradually as a result of the new solar power policy in China. It has been lowering inventory and accounts receivable in an attempt to improve operating cash flow generation.
The announcement comes after the company said in September that it was lowering its headcount by more than 300 at first. It later unveiled plans for a further 2% reduction. The affected employees were part of support functions, it said.
A few months before that the company said it planned to transfer its wafer production line workers to cell line production.