SMA cuts 1,000 jobs as PV's woes catch up with inverter sector

SB3800V

The financial tsunami sweeping over the PV industry has finally hit the inverter segment, with global leader SMA Solar announcing plans to cut more than 1,000 temporary and permanent jobs as it forecast a “severe” sales decline in 2013.

SMA says the seismic forces reshaping the global PV business mean it will likely record sales of just €900m-€1.3bn ($1.2bn-$1.7bn) next year – down from the €1.3bn-€1.5bn it expects to bag this year.

“In the best-case scenario, we expect a balanced operating result for 2013, says chief executive Pierre-Pascal Urbon. “At present, we cannot exclude the possibility of a loss.”

Shares in the German company tumbled more than 15% on the news and then continued downward the following day, leaving it with a market capitalisation of about €711m by mid-morning today.

Shares in rival…

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login