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Troubled Conergy AG, Germany’s largest integrated PV cell and module manufacturer, has announced after a board meeting that it would restructure the company with the loss of 500 jobs across its operations as it expects an operating loss for the year of €150 to €200 million. Projections of reaching €1.25 billion in sales have been revised downwards twice for 2007.
Conergy said it would discontinue its bioenergy and solar thermics
businesses that also includes its heat pumps products with the view to
sell the business, which concerns around 100 employees.
"The new
Board of Management has decided on a significant repositioning, which
will put Conergy back on track for success in the near future. Conergy
will focus on its profitable activities, will be structured more
efficiently and will make one-time writedowns and changes to its
accounting policies, in order to put its accounting on a more
conservative footing" said Dieter Ammer, the CEO of Conergy AG. "We
believe that with these measures we have put the company on a strong
footing for the coming years."
From January 2008, the company
will be operated as three profit and loss divisions that include
Components, Sales & Systems and Projects, which highlights a focus
on PV manufacturing going forward.
