One of Europe’s largest solar-panel manufacturers, Meyer Burger, is to cut nearly a fifth of its workforce and overhaul management as it tries to return to profitability in the face of stiff competition from Chinese rivals.
The Swiss company said in a statement on Wednesday that chief executive Gunter Erfurt would step down, to be replaced by executive chair Franz Richter. Chief financial officer Markus Nikles will also depart.
The company would shed about 200 — 19 per cent — of its roughly 1,050 global workforce by the end of 2025, it said.
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