BERLIN/FRANKFURT (Reuters) – When Tino Blaesi joined the solar sector gold rush, he thought his career was made. Seven years later, he is looking for a job outside the industry after his company slashed more than a third of its workforce in one day.
Workers in Germany’s once booming solar energy industry face a shakeout of major proportions following declines in the price of solar panels over the past year.
FRANKFURT (Reuters) – Solon’s insolvency filing is likely to be followed by other high-profile German solar company failures, analysts said, as the blood-letting in the global industry intensifies.
Shares in Solon plunged 58 percent on Wednesday after the solar module maker announced the filing late the previous day, becoming Germany’s first major casualty of a crisis in the sector.
FRANKFURT, Dec 13 (Reuters) – E.ON (EONGn.DE: Quote, Profile, Research) was one
of the biggest fallers on Germany’s blue-chip stock index on
Tuesday morning after a 3 billion euro ($4 billion) impairment
charge raised more questions about how the utility will adjust
to limited growth in its home market.
Germany’s decision to abandon nuclear power threw E.ON into
crisis earlier this year, forcing it to cut its dividend, 11,000
jobs, and its outlook. [nLDE7780PG]
FRANKFURT, Dec 9 (Reuters) – German industrial
conglomerate Siemens said it would form two joint
ventures with China’s Shanghai Electric to expand
its foothold in the country’s wind turbine market, the world’s
Siemens, which is the world’s No.9 maker of wind turbines,
said it would provide wind turbine technology and know-how in
the offshore sector, as well as experience in project
FRANKFURT, Nov 25 (Reuters) – Manroland, the
world’s third-biggest printing machine maker, filed for
insolvency on Friday, a move that could give top rivals
Heidelberger Druck and Koenig & Bauer more
Bears see Heidelberg’s own troubles being too deep and its
business too far from Manroland’s for it to benefit. Bulls,
however, see Heidelberg achieving better prices and increasing
FRANKFURT, Nov 14 (Reuters) – Three of Europe’s top
renewable companies said prices were still falling amid
oversupply and lower government incentives, echoing recent
comment from peers in China and the United States.
SolarWorld, Germany’s No.2 solar company by sales,
cut its outlook on Monday, saying it no longer expected 2011
revenue to reach last year’s 1.3 billion euros ($1.8 billion).
FRANKFURT, Nov 14 (Reuters) – Q-Cells said
its chief financial officer Marion Helmes resigned following a
wider-than-expected third-quarter operating loss as pricing
pressure and oversupply keep a tight grip on the solar sector.
The company said it posted a third-quarter operating loss of
47.3 million euros ($65 million), wider than the 42 million
average forecast in a Reuters poll, in what is considered the
worst year the industry has seen so far.
FRANKFURT, Nov 11 (Reuters) – SMA Solar,
Germany’s top solar power industry group by sales, posted a
better than expected quarterly profit on Friday as the company
benefited from a focus on maintenance and strong business in
Shares in the world’s largest maker of electric current
inverters, a key component of solar power generation systems,
were indicated 3.4 percent higher in pre-market trade,
outperforming the benchmark DAX index, which was seen
up 0.8 percent.
FRANKFURT (Reuters) – German solar wholesaler Phoenix Solar sees higher sales and order intake in the current quarter but no marked year-end rally in what its chief executive described as the worst year the industry has seen so far.
“I see a reasonable pickup in sales, solid demand with significantly higher order intake but no rally as we’ve seen in 2009,” Andreas Haenel told Reuters in an interview on Thursday.
FRANKFURT (Reuters) – Beaten-down solar stocks will bottom out in the first three months of 2012, a fund manager at U.S. asset manager Calvert Investments said, giving him an opportunity to increase his position in the sector ahead of a possible recovery.
“I think that the bottom for the solar market is probably going to be reached in the first quarter next year, which is traditionally weak,” Jens Peers said.