PV maker Suniva plans layoffs due to global overcapacity, price pressure
Suniva solar panel. Author: Public Affairs. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
US solar cell and module maker Suniva Inc said Wednesday it will significantly reduce its workforce at the manufacturing plants in Georgia and Michigan, cutting jobs in all areas of company operations.
The company said it has been hurt by the expanding global overcapacity, particularly in Asia, and the surge in foreign imports which are resulting in lower prices of photovoltaic (PV) equipment in the US. It did not say how many workers will have to go at Norcross, Georgia and Saginaw, Michigan.
Earlier this week Shunfeng International Clean Energy Ltd (HKG:1165) warned that it expects to report a huge loss for 2016, in part due to Suniva’s losses. The Chinese company became the majority shareholder in Suniva a year ago.
“The company is actively investigating all economically-responsible operational structures and will aggressively pursue all avenues that create a fair and rational market for US manufacturers in this important industry,” Suniva said yesterday.