BP cuts 620 jobs from solar arm

By Admin
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. Looki...

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.







Alexandra Stadnyk

Editorial Assistant

Exec Digital (Canada)



Direct Line: 905-755-3746

Fax Line: 905-890-1115

E-mail: [email protected]



White Digital Media (Canada) Inc.

30 Eglinton Avenue West, Suite 740

Mississauga, ON L5R 3E7



Corporate Website: www.whitedm.com



Global Business Portal: www.execdigital.ca - "Executive Business/Executive Lifestyle"



Note: This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required, please request a hard-copy version from White Digital Media (Canada) Inc. at 30 Eglinton Avenue West, Suite 740, Mississauga, ON L5R 3E7 or send an e-mail to [email protected]

P ExecDigital is committed to our environment. Please consider not printing this e-mail unless necessary.

Share
Share

Featured Articles

Shell invests in Qatar LNG North Field East project

Shell buys 25% stake in Qatar LNG North Field East expansion project which will have capacity of 32mn tonnes a year

Gas-led recession a 'near certainty' in Europe

Centre for Economics and Business Research estimates the risk of a recession in Europe this winter at approximately 40%

ABB scoops global energy automation technology award

ABB excels in innovating subsea systems and electrification services and providing underwater control solutions according to Frost & Sullivan

INEOS Köln awarded €770,000 for green hydrogen study

Renewable Energy

UK receives £2.7bn upfront funding to boost grid capacity

Utilities

Poland and Germany best placed for gas-to-coal switch

Oil & Gas