Friday, May 4, 2012

LDK Solar has Cut More than 5,000 Jobs this Year

More evidence of the trouble facing the solar industry as subsidies dry up and intense competition continues: An executive for LDK Solar Co. Ltd. said Monday (April 30) that the photovoltaic panel manufacturer has cut more than 5,000 jobs so far this year.

In a conference call with analysts following a quarterly report in which LDK disclosed that chalked up a net loss of nearly $590 million in the fourth quarter of 2011, Jack Lai, the company's chief financial officer, said the company's most recent headcount shows LDK with 19,495 employees, 5,254 less than it had at the end of 2011.

LDK's headcount is down about 9,078 less from a high of 28,273 in July 2011, Lai said.

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