REC Silicon to shed 60 jobs

Nov 7, 2013 - Norway’s REC Silicon (STO:RECO), former Renewable Energy Corp ASA, said yesterday it would axe some 60 jobs across various locations, seeking to further cut its costs.

REC Silicon, which is now engaged mostly in polysilicon production in the US, said the move resulted from the continued weakness in the solar-grade and electronic-grade polysilicon markets and uncertainty from the solar conflict between the US and China. “We do believe that after taking these difficult measures, the organization will be well positioned for continued and successful operations,” the company’s president Tore Torvund said.

The headcount reductions will be effective immediately and will not have an effect on polysilicon production volumes or manufacturing capacity in the future, the firm said.

Last month Renewable Energy Corp said it would operate under the name REC Silicon after striking a deal for the sale of its solar activities to newly-established REC Solar ASA. REC is working on separating its Singapore-based solar business REC Solar from the group’s silicon operations through a NOK-800-million (USD 134m/EUR 99m) share offering to existing shareholders.

(NOK 1.0 = USD 0.168/EUR 0.124)

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