GT Solar International (SOLR) Announces Layoffs

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09:45:16 am on December 15, 2008

GT Solar International announced on Friday that it will lay off 25 workers from its Merrimack solar furnace operations. No further layoffs have been announced at this time, and GT Solar states that there is still strong enough demand for its polysilicon reactors to maintain current employment levels in its other locations. The 25 workers who were cut due to a slowdown in directional solidification system (DSS) furnace production rates. Due to the economic crisis, GT Solar has received fewer orders and has had existing DSS furnace customers delay shipments, but no orders have been canceled yet. GT Solar’s revised guidance in November included these layoffs.

Tom Zarrella, GT’s president and CEO, commented on the layoffs:

“It is unfortunate that we were required to take this action and we regret the impact this will have on those affected employees and their families at this time of year. We are making a special effort to help them with their transitions in the form of severance and outplacement services. Despite this near-term adjustment, our long-term outlook and competitive positioning in the solar industry remain strong based on our healthy backlog and balance sheet, our leading technology, and our flexible and highly-efficient business model.”

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