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Swiss solar panel company Meyer Burger has introduced restructuring measures that affect its operations in the United States.
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The company wants to limit itself to the production of solar modules in Arizona and stop operations at another factory in the US.
The planned construction of a solar cell production facility in Colorado Springs is currently not financially viable and will therefore be stopped, the company announced on Monday. The focus is now on module production in Goodyear in the US state of Arizona.
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Capacities in Arizona are currently being ramped up. However, the planned collaboration with a US technology group cannot be realised due to the strategy adjustments.
Contrary to the original plans, Meyer Burger intends to maintain production in Germany. The existing cell production site in Thalheim near Bitterfeld-Wolfen will remain in full operation and will continue to form the backbone of Meyer Burger’s solar cell supply in the future.
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Under the current market conditions, these solar cells are the most economical option for supplying module production at Goodyear. The existing long-term purchase agreements could thus probably be serviced and the production capacities in Goodyear. However, talks are also currently underway with other customers for the purchase of additional quantities.
Better profits expected
The nominal capacity at the Goodyear plant is 1.4 gigawatts. The expansion of the nominal module production capacity by a further 0.7 gigawatts at this location has also been suspended for the time being, but remains an option.
Meyer Burger expects these measures to result in significantly lower financing requirements in the near future. The previously targeted debt financing through the monetisation of special US tax credits will be pursued to a lesser extent.
The medium-term target level of operating profit and the Group’s leverage ratio are also expected to be significantly lower than previously anticipated.
Meyer Burger also announced a restructuring and cost reduction programme “to achieve sustainable profitability”.
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Translated from German by DeepL/mga
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