Friday, December 12, 2008

GT Solar loses 25 jobs in solar furnace operations

By Efrain Viscarolasaga

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Merrimack, N.H.-based solar equipment maker GT Solar International Inc. announced today the elimination of 25 positions in its solar furnace operations.

Officials at GT Solar (NASDAQ: SOLR) said the workforce reduction was related to slower production rates for its directional solidification system furnace over the upcoming six months. Production has been reduced due to “the slower economy and several customer requests in this environment to delay shipments of DSS furnaces under existing contracts,” according to the statement.

However, officials also said employment in all other segments are being maintained at full strength based on continued strong demand for its polysilicon reactors.

While production will be scaled back, officials said no orders have been cancelled to date.

GT Solar, which employs 305 people not including the recent layoffs, went public in July in a $500 million initial public offering. The company reported $244 million in revenue for its last fiscal year, ending March 2008.