Sandvika, April 3, 2009: REC Solar has decided to reduce second quarter production of solar cells and modules by close to 50 percent.
With reference to the challenging market environment for the solar industry in the first quarter 2009, REC Solar has experienced solar cells/modules inventory build-up. Consequently, REC Solar has decided to reduce second quarter production of solar cells and modules by close to 50 percent. Approximately 180 employees will be affected through terminations of temporary employment contracts, temporary lay-offs of permanent employees and rescheduled vacations.
With good contract coverage, REC does not expect changes to the production of cells and modules in the third and fourth quarter of 2009.
For more information, please contact;
Jon Andre Løkke, SVP & IRO; +47 907 44 949
John Andersen Jr., EVP Solar; +47 90 17 40 80
REC is uniquely positioned as one of the most integrated companies in the solar energy industry. REC Silicon and REC Wafer are the world's largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules and engage in project development activities in selected segments of the PV market. REC Group had revenues in 2008 of NOK 8,191 million and an operating profit of NOK 2,529 million. Please also see www.recgroup.com