Continued overcapacity and weak demand in the wafering sector has forced Bekaert to reduce wire saw manufacturing capacity with the loss of 1,250 jobs. Restructuring started in December 2011, which included reducing production in China.
Bekaert was another company that highlighted a substantial overcapacity in wafer production as well as rapidly falling prices and weak demand. Japanese wafer producer, Sumco has also announced that it would exit the market completely due to these market factors.
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“Unprecedented changes in market conditions of the solar business force immediate action,” noted Bekaert CEO, Bert De Graeve. “Our future lies in continuing to serve our customers worldwide with highly qualitative and innovative products and services. We are all determined, at Bekaert, to safeguard this basis for sustainable growth on a global scale. We do regret the personal consequences of this plan and, together with our social partners, we will do all we can to mitigate the social impact.”
Bekaert intends to downsize certain activities at facilities in Aalter, Zwevegem, Deerlijk and Ingelmunster, Belgium and identify measures to reduce its overall global cost structure by €100 million annually.