BP cuts 620 jobs from solar arm
BP announced on Wednesday that it would cut 620 jobs from its solar power business citing the sagging global economy as a reason for its decision.
Looking to cut costs, the company said it will close two facilities in Madrid, Spain and cut assembly production of modules at its Maryland plant.
"This comes at a time when solar markets are unsettled by the impact of the global economic environment, an over-supplied market, increased competition and rapidly falling prices, said Reyad Fezzani, chief executive of BP Solar. "The decision is part of the long term strategy to reduce the cost of solar power to that of conventional electricity."
BP, whose Solar business employs 2,200 people worldwide, did not give a timescale for the closures.
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