class = “sc-cffd1e67-0 iQNQmc”>
Now the problem is solved: Swiss solar company Meyer Burger is preparing to close its factory in Freiberg, eastern Germany. The group announced on Friday that production at the facility was no longer profitable.
Since no decision has yet been made on political support measures to address the current market distortions for solar modules, the group has decided to begin preparations for the closure of the Freiberg plant, which will come into effect at the end of April. Up to 500 employees may now lose their jobs.
Initially, production will cease in the first half of March, resulting in significant cost savings from April onwards. Sales in Europe are not affected.
Two new facilities in the USA
To achieve this, Meyer Burger is now entirely dependent on the United States. The company wants to carry out a rights issue of 200 to 250 million francs to finance the completion of facilities in Colorado and Arizona. An extraordinary general meeting will be called for approval on March 18.
In addition, the federal government approved an export credit guarantee of up to $95 million in financing from a commercial bank. Additionally, additional financing will be provided to close the deficit of 450 million francs.
Meyer Burger announced its intention to close a month ago. The plant was no longer profitable due to cheap imports from China. (SDA/month)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
