12 December 2012

Global Solar implements cost-cutting to preserve operations while acquisition offers and strategic options are considered

Global Solar Energy Inc of Tucson, AZ, USA, which makes flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic cells and modules, has implemented cost-cutting measures as it continues to progress the previously announced sale process and to evaluate strategic options (as announced in June).

To “preserve operational and production flexibility”, Global Solar has reduced its workforce by about 70%, consisting primarily of employees dedicated to the firm’s roofing product line. Key technical staff and management have been retained, as well as a production team focused on select customer orders.

“We continue to work toward a solution which will preserve Global Solar’s industry-leading CIGS technology and production capabilities,” says CEO Dr Jeffrey Britt. “We have had a very strong level of investor interest, which has been predicated on Global Solar’s high-quality products and technological strength,” he adds. 

Inquiries related to the sales process should be directed to Chris LeWand (chris.lewand@fticonsulting.com) of FTI Capital Advisors LLC (FTICA), which is a member FINRA/SIPC (the investment banking subsidiary of FTI Consulting Inc).

See related items:

Global Solar Energy’s German subsidiary applies for insolvency

Flexible CIGS PV maker Global Solar Energy seeking investors

Tags: Global Solar Energy CIGS

Visit: www.globalsolar.com