New orders of back-end module assembly equipment at Komax Solar declined a massive 90% in 2012 on the back of overcapacity, consolidation and capitulation of customers, especially in Asia and China in particular.
In releasing preliminary 2012 financial results Komaz Group reported total sales of approximately CHF285 million, down from CHF371.4 million in 2011.
Komax Solar saw its order intake collapse 90% to only CHF9.0 million in 2012, compared to CHF63.7 million in 2011.
Cost cutting measures resulted in a headcount reduction of more than 50% within its solar segment during 2012, although the company highlighted that resources were secured at its US-based centre of excellence for RD&E of module assembly equipment.
However, like a growing number of equipment suppliers throughout the supply chain, the company said that it did not expect business conditions in the solar industry to improve before 2014.