Taiwanese solar cell firm Motech slashing 300 jobs
Taiwan’s Motech Industries Inc, one of the world’s largest solar cell manufacturers, is cutting at least 300 contract jobs and could eliminate full-time positions soon, according to a stock exchange filing.
It is hoped that the restructuring move, which aims to scale down operations, will help the company become more competitive, and improve financial performance. With a downturn in solar installations in China, market demand has turned sluggish.
Motech started to trim down its workforce in June, laying off 160 employees, after it shut down a solar water production line.
In a filing with the Taiwan Stock Exchange, Motech said the workforce adjustment will affect foreign contract employees in the main as they mostly supplement existing personnel.
The company’s planned job cuts come despite Taiwan’s solar installation market forecast to expand at an annual compound growth rate of 303% by 2025 on the back of the government’s green energy policy.