Jan 10 Solar and LED equipment maker GT Advanced
Technologies Inc, which slashed about a quarter of its
workforce last October, said it will cut 35 more jobs and idle a
pilot plant that makes solar furnaces.
GT Advanced said it expects to start selling the solar
furnaces by mid-year, but orders may not come in until 2014 due
to weak market conditions. Solar furnaces make silicon wafers
that help make solar cells.
Solar companies are battling global oversupply and a rapid
price decline that is erasing margins and making profits
The company said it was seeking a strategic partner to buy
the idled operation, located in St. Louis, Missouri and
currently outfitted to produce about 12.5 million wafers per
GT Advanced estimates the idling to cut annualized expenses
by about $15 million, excluding restructuring charges. It
expects to incur restructuring and non-cash asset impairment
charges in the quarter ended Dec.31 and in 2013.
GT Advanced said it completed the consolidation of its
business units - photovoltaic, polysilicon and sapphire - into a
single group called crystal growth systems.
The company's shares were up 3 percent at $3.54 on the
Nasdaq on Thursday morning.