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At the end of 2008, Wuxi Suntech ushered in an unprecedented cold snap.
Under the financial crisis, the solar equipment manufacturer that once created China's richest man may start the largest layoffs to date. A resigned employee of Suntech told the China Business News that the layoffs will cut nearly 4,000 people, and some of the factory production lines have been suspended.
The crisis has long been a symptom. On December 29, 2008, the share price of Wuxi Suntech Power Co., Ltd., which was listed in the US, was US$10.69 and the market value was around US$1.6 billion. In the beginning of 2008, Suntech’s share price was above 90 US dollars, and its market value reached 10.9 billion US dollars. After the financial crisis, the situation turned sharply. Its market value shrank by nearly 10 billion US dollars in less than one year, and the shrinkage was nearly 80%.
Today, the bad situation is not only the Wuxi Suntech family, the entire photovoltaic industry is a scene of depression, order loss, layoffs, semi-discontinued, these are like the autumn wind sweeping the entire industry.
Suntech's slimming plan
The employees who will be laid off account for about 30% of the total number of employees in Suntech, and nearly half of the production lines in the factory are in a state of suspension. The above-mentioned departing employees told reporters. According to him, the methods of layoffs are more diversified. Some workers whose contracts expired are no longer renewed. The end of the use period is no longer positive, and the employees are given technical examinations. Anyone who fails the job will not be hired.
According to the reporter, the layoffs have started since October 2008, and hundreds of people have left every month. According to the internal information, these layoffs are planned. Suntech will be around January 2009. A total of 4,000 people were laid off.
In this regard, the reporter asked Wuxi Shangde for verification. Bao Jun, the head of the public relations department, told the China Business News that this is not a layoff. It should be a seasonal adjustment. The main reason is to enter the winter, as a European customer of Suntech’s main sales location. It also entered the off-season of installing photovoltaic products, which directly led to a large-scale decline in demand. Therefore, the current capacity of Suntech cannot be completely released, and the current release is only about 50% of the original. In 2006 and 2007, at the end of each year, we will adjust production capacity accordingly, and most domestic companies.
For thousands of employees being laid off, Bao Jun told reporters: You can't use the idea of ​​layoffs. More precisely, it should be eliminated. Every year, a group of employees will be eliminated. This is also a normal thing. Excellent talents are still needed.
The Suntech layoffs seem to have long been a sign.
Since the second half of 2008, the entire photovoltaic industry has continued to fall, the spot price of silicon wafers has dropped from 58 yuan/piece to 40 yuan/piece, and the price of battery chips has dropped from 3.47 US dollars/watt to 2.63 US dollars/watt, investors in the photovoltaic industry. Production has been cut and investment has been cut.
On November 28, 2008, its chairman of the board, Shi Zhengrong, announced that the company's gross profit margin in the fourth quarter was zero, while the company's third quarter gross margin was still 21.6%. Even so, Shi Zhengrong still said that the worst of the polysilicon industry has not yet arrived, and Suntech has limited influence. The various statements of Suntech’s top management seem to have paved the way for this production cut.
According to its internal staff, many of Suntech's purchases have been stopped, and some of the factory expansion projects in the field have also been terminated. The company's production reduction is about 50%.
The employees who have not been laid off are not good at all. The wages of some workers are only 80%. The wages of some front-line employees in some manufacturing departments are about 2,000 yuan, and now they are reduced to about 1300 to 1400 yuan. Some workers have also been given long holidays. Some have been put on for two months, which is undoubtedly a huge loss for the employees who count the wages according to the piece count. Due to the insufficient amount of work, the former rest system of the workers has also been changed, from the two days of work to the rest of the two days. The day became a three-day, four-day break. The management also made a salary cut in different standards.
An employee who worked at Suntech for many years said that Suntech has entered the most difficult time since its establishment.
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