SMA Solar to cut more jobs than planned - report

Jun 24, 2013 - German inverter maker SMA Solar Technology (ETR:S92) plans to cut more than the originally announced 500 jobs, IWR reported on Friday.

Various media reported last week, citing CEO Pierre-Pascal Urbon, that the announced 500 jobs cuts will be just the beginning.

Taking into account that SMA Solar's revenue is halving, the company is not able to keep all its employees, the CEO was cited as saying.

Therefore, there will be adjustments in the number of workers in all divisions, excluding the Research and Development (R&D) segment.

SMA solar employs some 5,600 people worldwide, 4,516 of who are in Germany.

SMA Solar, which has been struggling with the weak demand and significant price pressure in the solar industry, expects to book sales of between EUR 900 million (USD 1.2bn) and EUR 1.3 billion for 2013. The company posted EUR 1.46 billion for 2012.

(EUR 1.0 = USD 1.311)

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