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centrotherm responds to renewed weakness in the photovoltaic sector

DGAP-News: centrotherm photovoltaics AG / Key word(s): Miscellaneous
centrotherm responds to renewed weakness in the photovoltaic sector

23.09.2014 / 09:45

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centrotherm responds to renewed weakness in the photovoltaic sector

Blaubeuren, September 23, 2014 - Due to the recent market weakness in the
photovoltaic industry centrotherm will continue its restructuring and
modernization program. The technology and equipment provider for the
photovoltaics and semiconductor industry consistently enlarges its product
and service portfolio and invests in new process solutions, upgrades and
service packages. With regard to the installed base of more than 50
production lines and more than 2,000 single equipment worldwide the
expansion of the after sales business as well as improving service quality
is an essential component of the modernization process.

On the other hand centrotherm optimizes its cost structure and targets the
path of increasing and continued efficiency. In addition to measures to
reduce the manufacturing and material costs, the package includes
additional business process improvements in administration and production.
To ensure the company's success and to maintain competitiveness,
centrotherm intends as a further measure to cut around 50 jobs at its
headquarters in Blaubeuren and additional jobs at its international
locations. The Management Board informed workforce and the Works Council
today on the proposed costs, efficiency and the personnel measures planned.
Management wishes to discuss and implement the personnel measures in close
coordination and mutual agreement with the Works Council.

The company intends to reduce its workforce in a manner which is as
socially compatible as possible. Compulsory redundancies are not currently
planned. These measures also reflect the response of centrotherm
photovoltaics AG's Management and Supervisory boards to the uncertainty of
Chinese and Taiwanese manufacturers of solar cells prevailing since July
owing to more stringent US anti-dumping duties on solar products from these
countries and resulting in a shift of their investments and capacity
expansions.

As described in its half-yearly report, the company's performance and
business expectations from a positive market recovery in the photovoltaic
sector in the first half of 2014 have recently taken a marked turn for the
worse. From today's standpoint, the Management Board anticipates that the
guidance released in its half-yearly report can still be achieved involving