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Category : Business, World News
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NEW YORK (TheStreet) — The restructuring plan laid out by First Solar on Tuesday addresses the market reality that CEO Michael Ahearn encountered last December when he retook control of the solar company. What it can’t do is provide answers to the critical questions about First Solar’s strategy to succeed in coming years.
In making the decision to lay off 2,000 First Solar workers — 30% of the company’s headcount — and close down both its German operations and less efficient Malaysian manufacturing lines, First Solar merely provided one more reminder of where the solar industry left off at the end of 2011: In a situation defined by excessive capacity worldwide at a time of waning European subsidy markets.
“They are responding to 2011, not addressing what could still happen,” said Maxim Group analyst Aaron Chew.
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