Day4 Energy, Inc. has announced the planned cut of approximately 95 people from its workforce in an attempt to improve the company’s cost structure. The Canadian solar module manufacturer said that the cuts would affect the company’s Burnaby, BC production facility, and would incur restructuring costs of approximately $0.7 million. The affected employees would be offered severance and human resource support, according to the company.
“While it is always a difficult decision to let people go, it is equally important to ensure the company is best positioned to meet the realities of the new solar economy,” said George Rubin (pictured), President of Day4 Energy. “We are seeing continued strength in demand for our product in Europe and remain confident in our contracted sales for 2009, however, given the broader economic environment and seasonal weather patterns we are being proactive in managing our business to avoid inventory build-up. With this action to streamline the company’s cost structure we are taking advantage of our flexible business model as we pursue our strategy to reduce working capital costs and capitalize on the significant reductions we expect in materials costs over the next couple of quarters.”