Michigan-based solar energy company Energy Conversion Devices announced Thursday that it will cut 400 positions, or about a fifth of its workforce. The company manufactures lightweight solar panels for rooftops and building systems, but despite the new demand for green energy, the company has struggled this year because of a lack of funding for solar projects in many places. The cuts will be part of a restructuring plan that was first discussed when the Energy Conversion company acquired Solar Integrated Technologies. $17 million in savings is expected from the restructuring. The company had also experimented with production lulls, and required furlough days in an effort to save money.
See "Energy Conversion to cut workforce by 20 pct", Laura Isensee, Reuters, December 3, 2009