Applied Materials to restructure solar energy unit

Submitted by orville on July 23, 2010
in

Applied Materials Inc said it plans to restructure its solar energy division by eliminating jobs and shutting down unprofitable thin-film solar panel production lines.

The move will cut annual operating expenses by at least $100 million, and is aimed at making the energy and environmental solutions (ESS) unit profitable in the fiscal year 2011, the company said on Wednesday.

The ESS segment accounted for 23 percent of revenue for the world's biggest supplier of chip-making gear, and was the only unit that reported an operating loss in 2009.

Source: Reuters