Solar wafer maker Green Energy Technology Inc (綠能科技) yesterday said it plans to cut about 19 percent of its local workforce as an industry slump worsens.
Green Energy’s announcement came after local solar cell maker Motech Industries Inc (茂迪) on Wednesday said it plans to shed 60 jobs, or 2 percent of its workforce, as a cutback in solar-power subsidies in China exacerbates already weak demand for solar energy products.
The large-scale layoff is to affect 203 employees at Green Energy’s solar wafer plant in Kaohsiung’s Lujhu District (路竹), the company said in a statement.
That represents about half of the Lujhu plant’s workforce of 400 to 500 people.
As of March, Green Energy had a total of 1,054 employees, down from 1,167 last year, the company’s annual report showed.
“The company will launch a restructuring plan to streamline its businesses, aimed at enhancing its competitiveness and improving operational performance due to drastic volatility in market [demand],” it said in the statement.
To match clients’ strategic shifts, Green Energy needs to adjust its business structure and streamline its workforce, the Taoyuan-based company said.
To strengthen its core technologies and cost structure, the company plans to continue to invest in the development of next-generation solar power technologies and expand production automation, the statement said.
The company has posted losses for seven consecutive years since 2011.
The problem has become more acute, as losses more than doubled to NT$1.34 billion (US$43.86 million) in the first half of this year, compared with losses of NT$674.96 million in the same period last year.
Green Energy said that affected workers have agreed to the company’s severance package and it would assist them in finding work at other local solar companies.
In March last year, Green Energy cut 2 percent of its workforce in Taoyuan and Kaohsiung to reduce costs.
Green Energy shares fell 0.87 percent to close at NT$11.4 yesterday in Taipei trading.
They have declined 35.23 percent so far this year, Taiwan Stock Exchange data showed.
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