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.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.1 - Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus
1,350 jobs Number of planned job losses
Announcement Date
26 July 2017
Employment effect (start)
1 August 2017
Foreseen end date
Description
On 27 July 2017, German photo voltaic system manufacturer Solarworld announced it will cut 1,350 jobs. Solarworld filed for insolvency in May 2017.
Recently, the insolvency administrator announced to have found a new investor, namely Qatar Solar, subsidiary of Qatar Foundation. According to the news, Qatar Solar will take over two sites in Freiberg, Saxony and Arnstadt, Thuringia and retain 450 employees. In total, 1,200 jobs at the these sites will be cut. A transfer agency may be created for the affected employees. Further, Solarworld's site in Bonn will close permanently on 1 August 2017, which is to affect 150 employees.
The company has struggled with Chinese competition and a complicated market situation.
Solarworld employs 3,288 staff members in Germany and in the USA.
Sources
27 July 2017: Der Tagesspiegel(Print)
26 July 2017: Solarworld press release
27 July 2017: Bonner General-Anzeiger
Citation
Eurofound (2017), Solarworld, Bankruptcy in Germany, factsheet number 91664, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91664.
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