Sunday, May 13, 2012

LDK Solar Cuts Jobs as Margins Collapse

Solar products maker LDK Solar Co Ltd said it cut more than 5,000 jobs this year as the industry grapples with a steep decline in prices that has decimated profit margins and pushed several companies into bankruptcy.

LDK Solar's shares, which had touched a six-month low of $2.55 earlier in the day following weak results and a bleak outlook, reversed course to close up 7 percent at $3.18 on the New York Stock Exchange.

LDK Solar, which supplies polysilicon, wafers and cells used to build photovoltaic panels, has cut more than 20 percent of its workforce this year to 19,195 employees, said CFO chief Jack Lai on a post-earnings conference call.

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