SMA Solar Tech to cut 450 jobs worldwide

The company said the cuts were largely due to massive subsidy cuts for photovoltaics in Europe which will force a steep downturn and growing price pressure next year as well as a significant drop in sales to between 0.9 billion euro and 1.3 billion euros for 2013. The company plans to adjust the personnel structures to the declining sales. It is planned that SMA will gradually cut 450 employees worldwide and end the use of 600 temporary employees. In the coming year, SMA will invest over 100 million euros in research and development.