Edition:
India

SMA Solar Announces China Exit, Cuts 425 Positions


Wednesday, 12 Dec 2018 

Dec 12 (Reuters) - SMA Solar Technology AG ::DGAP-NEWS: SMA MANAGING BOARD PRESENTS RESTRUCTURING PLANS - GLOBAL WORKFORCE TO BE REDUCED BY AROUND 425 FULL-TIME POSITIONS.ONE OF MAIN PLANNED MEASURES IS DISCONTINUATION OF CHINA AS A LOCATION AND SALE OF CHINESE COMPANIES TO MANAGEMENT THERE.CONFIRMING ITS SALES AND EARNINGS GUIDANCE FOR CURRENT FISCAL YEAR.RESTRUCTURING WILL INVOLVE A REDUCTION OF GLOBAL WORKFORCE BY AROUND 425 FULL-TIME POSITIONS.RESTRUCTURING MEASURES ARE NEEDED IN ORDER TO RETURN SMA TO PROFITABILITY QUICKLY IN AN ENVIRONMENT CHARACTERIZED BY A SHARP DECLINE IN PRICES.ANTICIPATES SALES OF EUR760 MILLION TO EUR780 MILLION AND NEGATIVE EBITDA IN MID TO HIGH TENS OF MILLIONS OF EUROS THIS YEAR.SMA WILL POSITION ITSELF FOR FUTURE AS A SYSTEMS AND SOLUTIONS PROVIDER.FOR 2019, SMA MANAGING BOARD IS AIMING FOR SALES GROWTH AND POSITIVE EBITDA.UNFORTUNATELY, REDUCTION OF GLOBAL WORKFORCE BY AROUND 425 FULL-TIME POSITIONS IS UNAVOIDABLE IN THIS CONTEXT.PLANNED RESTRUCTURING MEASURES ARE TO BE IMPLEMENTED STARTING FROM JANUARY 2019.SALE OF BUSINESS UNITS IN CHINA TO MANAGEMENT THERE WILL CREATE GOOD CONDITIONS FOR POSITIVE FURTHER DEVELOPMENT OF BUSINESS ON BOTH SIDES.WILL INCREASINGLY PRESS AHEAD WITH PROCESS BEGUN TO DEVELOP COMPANY INTO A SYSTEMS AND SOLUTIONS PROVIDER AND WILL CONTINUE TO INVEST IN FUTURE-ORIENTED AREAS OF ENERGY MANAGEMENT, STORAGE INTEGRATION, REPOWERING, AND DIGITAL BUSINESS MODELS. 

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