INDUSTRY SLUMP: The workforce reduction started when the company shut down a solar wafer production line in June — affecting 160 employees — to stem losses
Date: Sep 18, 2018
By: Lisa Wang / Staff reporter
Motech Industries Inc (茂迪) yesterday said it plans to eliminate more than 300 contract jobs soon to reduce costs and would not rule out cutting full-time positions, as the solar cell maker struggles to ride out a severe slump in the industry.
The workforce reduction started when Motech shut down a solar wafer production line in June — affecting 160 employees — to stem losses, as market demand weakened when solar installations in China began to slow in June.
“To quickly respond to market changes, the company will adjust personnel based on customer orders and required production capacity. The company’s goal is to streamline operations,” Tainan-based Motech said in a filing with the Taiwan Stock Exchange yesterday.
Motech plans to scale down operations to improve competitiveness and financial performance in a depressed market, the company said. [FULL STORY]