PVA TePla to cut workforce

first_imgPVA TePla to cut workforceUpstream solar manufacturer PVA TePla will be adjusting its capacity and embarking on a cost reduction program. One key change to come is the reduction of its workforce in Wettenberg and Jena in Germany. The company specializes in crystal-growing systems for both the solar and semiconductor industries. June 5, 2013 Shamsiah Ali Oettinger Manufacturing Markets Markets & Policy Share The management board and supervisory board of PVA TePla agreed on an additional cost reduction program today (Wednesday). The current market developments and the associated investment constraints especially in the area of business that the company specializes in have been cited as the reasons for these adjustments. The workforce in both German cities is to be reduced by about 80 in total. The cost reduction measures and additional writedowns on inventories, especially in the solar segment, will result in a negative impact on the results in the order of approximately €6 million in 2013 according to PVA TePla. The positive EBIT contribution for the fiscal year 2013 is not longer plausible. The company nevertheless states that there will be a positive impact on costs amounting to about €4 million as a result of the corresponding reduction. 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