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Savosolar to temporarily lay off 22 employees

Solar thermal collectors. Source: Savosolar (Twitter)

March 30 (Renewables Now) - Finnish solar thermal systems supplier Savosolar Oyj has negotiated the temporary lay-off of 22 employees over the next three months due to the coronavirus pandemic, it announced on Monday.

The company will carry out the redundancies on a part-time or full-time basis for a maximum of 90 days, during which time its factory will continue to operate but with a shortened working week. The sales personnel will not be affected because of a number of projects the firm has in the active bidding phase.

Together with a reduction of the remuneration of the board of directors and the CEO, this move is expected to save the company about EUR 0.5 million (USD 0.55m) over the three-month period.

Savosolar noted that the plan could be amended if the COVID-19  situation changes substantially or the company wins new orders during the period.

(EUR 1.0 = USD 1.103)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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