EMCORE to cut workforce due to liquidity issues


Loss-making EMCORE Corporation said in an SEC filing that it is planning a sweeping range of cost-cutting measures and refinancing moves to improve the company’s financial liquidity. A workforce reduction will be made to lower operating costs, though how deep the cuts will be was not disclosed.

EMCORE is also selling non-core equity interests to boost its cash position as well as seeking a minority share sale in its photovoltaics business before its actual spin-off, which was announced earlier last year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

EMCORE also said that it would be liquefying remaining auction rate securities, which were approximately US$3 million, according to comments made in EMCORE’s 3Q08 financial conference call. The company will also attempt to sell other assets, though these were not specified.

In 2008, EMCORE acquired Intel Corporation’s Optical Platform Division for $85 million to boost its position in the fiber optics industry. EMCORE has also suffered from major order cancellations in its CPV business in 2008.

Read Next

July 19, 2024
US solar manufacturer First Solar has started an investigation into several crystalline-silicon cell solar manufacturers for potential infringement of its patents.
July 19, 2024
Investment fund Quinbrook Infrastructure Partners and its subsidiary Primergy Solar have reached commercial operations at their 690MWac/966MWdc Gemini solar-plus-storage project in Nevada.
July 19, 2024
The Energy Storage for Resilient Homes Act would allow residents of the two states to use funding from the Federal Emergency Management Agency (FEMA) to purchase residential BESS.
July 19, 2024
SunPower said the decision was not made "lightly" and will consider options to support its mutual customers and collective business pipeline.
July 19, 2024
Sungrow has signed an agreement with Hero Group's renewables arm Hero Future Energies to supply 850MW of inverters.
July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA