Cost cutting measures and inventory write-downs at PV equipment supplier, Singulus Technologies, will amount to €43.3 million as the company reported preliminary third quarter 2012 financial results.
A lack of equipment orders at its subsidiary, Singulus Stangl Solar, which focuses on wet chemical processing tools and technology, will lead to a workforce reduction of approximately 40% at its Fürstenfeldbruck, Germany facility. The workforce reduction will be implemented by the end of the year, according to the company.
The company also reported that it expected sales of about €83.5 million for the first nine-months of 2012, down from €121.8 million for the same period a year ago. Singulus said that it expected a loss of €10.9 million for the period covered.
However, Singulus said that it was projecting full-year losses of between €54-56 million.
The company also revised down full-year revenue guidance, primarily due to the decline in sales within its optical disc segment. Singulus expects revenue in 2012 to be between €100-€115 million, down from €160.0 million in 2011.