Q-Cells' executive board, works council reach agreement on job cuts
(SeeNews) – Aug 19, 2011 - The executive board of German solar firm Q-Cells (ETR:QCE) and the company's works council have reached an agreement over the company's programme for job cuts, a spokeswoman said on Thursday.
The spokeswoman added that the conditions for those leaving the company voluntary have been set.
Q-Cells plans to reduce administration costs by 25%-30%.
In addition, the company excluded the possibility to implement forced lay-offs. If the planned costs target is not achieved by the end of September or the beginning of October, new talks will start between the executive board and the works council.
Q-Cells had launched a severe cost-cutting programme due to its negative second quarter results. The company posted a net loss of EUR 354.8 million (USD 507.6m) and as a result initiated a radical restructuring. Q-Cells will concentrate research and development in Germany, while moving production to Malaysia.