Trina Solar to cut jobs and operating costs

Reuters Business News
Posted: Sep 11, 2012 5:30 PM
Trina Solar to cut jobs and operating costs

(Reuters) - Chinese solar panel maker Trina Solar Ltd <TSL.N> said it would cut an unspecified number of jobs and separate its photovoltaic module and systems units to reduce costs.

The announcement comes as Trina and other makers of solar panels grapple with a sharp decline in panel prices that has shrunk profit margins for nearly two years.

Trina's vice president of investor relations, Thomas Young, said the company had not finalized the number of jobs that would be cut, but added there would be a "reduction of significant resources."

Weak demand in top solar market Europe and a rapid expansion in global solar manufacturing capacity created a glut of solar panels, sending prices into a tailspin in early 2011 and continuing into this year.

Trina Solar's shares, which have shed about 35 percent of their value this year, closed up 3.2 percent at $4.23 on the New York Stock Exchange on Tuesday.

(Reporting by Divya Lad in Bangalore; editing by Joyjeet Das and Matthew Lewis)