Solar power producer Suntech cuts shifts, jobs

Thu Nov 15, 2012 7:48pm EST

Nov 15 (Reuters) - Suntech Power Holdings, the world's biggest maker of solar panels, said it is slashing two of its three production shifts and about 50 jobs at its solar panel plant in Goodyear, Arizona.

The company is restructuring its operations worldwide in a bid to reduce operating expenses by 20 percent in 2012 and 2013.

The industry is facing oversupply and higher production costs related to import tariffs recently imposed by the U.S. government on the solar cells used in making the panels.