REC Silicon: Workforce reduction across all locations
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Moses Lake, Washington - REC Silicon ASA announces that it must take additional cost-cutting measures that include a workforce reduction affecting approximately 60 positions across all locations.
The workforce reduction is due to continued weakness in the solar grade and electronic grade polysilicon markets, as well as continued uncertainty from the prolonged solar trade war between the US and China.
Tore Torvund, President REC Silicon ASA said, "We did not take this decision lightly. It is unfortunate that this decision is necessary in order to remain competitive during continued periods of uncertainty. We do believe that after taking these difficult measures, the organization will be well positioned for continued and successful operations."
These measures will go into effect immediately but will not affect polysilicon production volumes or production capacity going forward.
For more information, please contact:
Mikkel Tørud, SVP Investor Relations, REC Silicon ASA: +47 976 99 144
In the US:
Sharon Palmerton, Head of Community Affairs, REC Silicon ASA: +1 509 760 6314
About REC Silicon ASA
REC Silicon is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silane gas to the solar and electronics industries worldwide. We combine 25 years of experience and proprietary technology with the needs of our customers, and annual production of approximately 19,500 MT of polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock Exchange (ticker: REC), the company is headquartered in Moses Lake, Washington and employs 750 people.
For more information, go to: www.recsilicon.com