First Solar Restructuring, Closing Frankfurt, Idling Lines in Malaysia, RIF in US and EU

Greentech Media
First Solar is closing its Frankfurt (Oder) manufacturing facility and indefinitely idling four production lines of the 24 lines in Kulim, Malaysia. The firm reports that it expects a savings of $100 million to $120 million annually as a result. First Solar also paid down $145 million in debt. The company is slashing headcount by 2,000 positions -- about 30 percent of its workforce. The firm wants to get opex down to 8 percent of revenue.