Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Solar cell manufacturer REC Solar is closing its production in Norway, affecting around 100 employees at its sites in Kristiansand and Herøya. The company, which had been facing economic challenges, made this decision after efforts to sustain its business over the past year proved unfeasible, particularly due to the inability to achieve profitable production of high-purity silicon in Norway. The company had around 110 employees left in Norway at the time of the announcement, as opposed to 250 employees in September 2022. The factories were sold to Elkem in January 2024, but Elkem does not plan to resume solar cell production and the sale will not affect the dismissals. This shutdown reflects the intense competition REC Solar faced, especially from Chinese companies. Despite being among the largest European brands in solar panels and benefiting from government support, the company's struggle with financial viability has led to the closure of its operations in Norway. The announcement has been met with regret by both the company's management and its workforce, as well as Minister of Trade and Industry, Jan-Christian Vestre, who pointed to the price dumping practiced by Chinese companies and underscored the need for ensuring European competitiveness and competence development in this area, but that this rests on the willingness to also purchase European products to counteract dependency on non-EU suppliers.
Eurofound (2023), Rec Solar, Closure in Norway, factsheet number 200767, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200767.
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