SunTech delays 2,000 new recruits and lays off 800 staffs

Mon. January 12, 2009; Posted: 02:22 AM

BEIJING, Jan 12, 2009 (Xinhua via COMTEX) -- STP | Quote | Chart | News | PowerRating -- ?? China?s solar product maker SunTech Power Holdings Co., Ltd. (STP.NYSE) recently laid off 800 workers and postponed its previous plan on recruiting 2,000 people, said Shi Zhengrong, chairman and CEO of SunTech.

Shi said SunTech delayed its plan on expanding production capacity to 1,500 MW in 2009, which requires the enrollment of 2,000 people.

Meanwhile, SunTech laid off 800 people or 10 percent of its total employees around the end of 2008 according to its internal elimination mechanism.

Shi emphasized that its plants in Wuxi and other areas are in normal operation with more than 50 percent capacity still running, though the operation rate drops a bit as compared with the rate of 85 percent prior to financial meltdown.

SunTech has received more than 800 MW of orders in 2009 including 650 MW from Europe in comparison with overall orders of 500 MW in 2008.

No withdrawal of order happens until now and PV market probably would restore growth within March-November period of 2009, according to Shi.

SunTech will lay off near 4,000 staffs or 30 percent of its total employees this time, according to a report by China Business Journal, citing an ex-employee of SunTech.

Market hearsay recently goes that Sharp Corporation and First Solar are interested in acquiring SunTech in a bid to edge into Chinese PV market.

Pao Jun with public relations department of SunTech declined to comment on the reports, saying that SunTech didn?t release any information on this matter by now.

Han Xiaoping CEO with china5e.com said that SunTech?s stock is heavily undervalued and SunTech is facing a risk of being acquired by foreign investors since the future of solar power is bright.

For full details on Suntech Power Holdings Co Ltd (STP) click here. Suntech Power Holdings Co Ltd (STP) has Short Term PowerRatings of 4. Details on Suntech Power Holdings Co Ltd (STP) Short Term PowerRatings is available at This Link.

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