The Blaze: Another ‘Green’ Energy Initiative Fires Thousands of Workers

[Patricia M. McBride]

Here we go again.  More layoffs for another "green" energy company.  And we face 3.1 Billion in government guaranteed loans from 2011.

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April 17, 2012 at 11:10am 

Becket Adams

 

America’s largest solar panel manufacturer is laying off 2,000 workers and closing factories in response to “waning demand” and increased competition from China, the Associated Press reports.

First Solar Inc. says the layoffs amount to 30 percent of its global workforce. Some cuts come from shutting down production lines in Malaysia and closing a factory in Germany. The company will also cut additional jobs in both Europe and the U.S.

First Solar says its manufacturing costs should drop by $30-$60 million this year and another $100-$120 million a year afterward. It will book a restructuring charge of $245 to $370 million.

First Solar says its manufacturing costs should drop by $30-$60 million this year and another $100-$120 million a year afterward. It will book a restructuring charge of $245 to $370 million.

The Tempe, Ariz., company says the cuts are necessary to cope with deteriorating demand in Europe, which has been the biggest market for solar panels.

However, what’s odd about the Associated Press report is the fact that there’s no mention of the $3.1 billion in federal loan guarantees First Solar was awarded back in 2011. We assume the billions were given with the understanding that First Solar, “America’s largest solar panel manufacturer,” would boost the economy and create jobs.

Read more here:  http://www.theblaze.com/stories/another-green-energy-initiative-fir...