Meyer Burger adjusts production capacities at the Colorado Springs site in the USA
Meyer Burger Technology Ltd adjusts production capacities at the Colorado Springs site in connection with the Chapter 11 bankruptcy court protection of GT Advanced Technologies Inc.
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that its production capacities at the Colorado Springs, CO/USA site, previously expanded expressly for a project with GT Advanced Technologies Inc. (GTAT), are being adjusted in connection with GTAT’s motion for protection under Chapter 11 of the United States Bankruptcy Code.
On October 6, 2014, GTAT, a customer of the Meyer Burger Group, submitted a motion in accordance with Chapter 11 of the US Bankruptcy Code at the U.S. Bankruptcy Court in New Hampshire. The associated legal proceedings are still ongoing and will probably extend over several months. Meyer Burger Group is unable to comment the ongoing legal proceedings.
Over the preceding 12 months, the Meyer Burger Group has increased its personnel at its site in Colorado Springs for a specific project with GTAT in the area of slicing sapphire with industrial diamond wire saws and diamond wire materials. From the legal proceedings to date and customer discussions, Meyer Burger assumes that GTAT will be unable to continue the project as planned. The Board of Directors and Management of the Meyer Burger Group have therefore decided to reduce the Colorado Springs capacities built up expressly for this project with immediate effect, leading to a workforce reduction of 105 persons at this site.
After the workforce reduction, Meyer Burger will still employ around 200 persons at its Colorado Springs site, who will continue to safeguard the US business in slicing solutions and diamond wire technology for the solar industry, sapphire industry and other industrial sectors.
For further information, please contact:
Werner Buchholz
Corporate Communications
Meyer Burger Technology Ltd
Tel: +41 (0)33 221 25 06
werner.buchholz@meyerburger.com
About Meyer Burger Technology Ltd
www.meyerburger.com
Meyer Burger is a leading global technology Group specialising on innovative systems and processes based on semiconductor technologies. The Group’s focus is on photovoltaics (solar industry) while its competencies and technologies also cover important areas of the semiconductor and the optoelectronic industries as well as other selected high-end markets based on semiconductor materials. The Group currently employs about 1,900 people across three continents. Over the past ten years, Meyer Burger has risen to the forefront of the photovoltaic market and established itself as an international premium brand by offering superior precision products and innovative technologies.
The Group’s offering in systems, production equipment and services along the photovoltaic value chain includes the manufacturing processes for wafers, solar cells, solar modules and solar systems. Meyer Burger provides substantial added value to its customers and clearly differentiates itself from its competitors by focusing on the entire value chain.
The Group’s comprehensive product portfolio is complemented by a worldwide service network with spare parts, consumables, process know-how, customer support, after-sales services, training and other services. Meyer Burger Group is represented in Europe, Asia and North America in the respective key markets and has subsidiaries and own service centres in China, Germany, India, Japan, Korea, the Netherlands, Switzerland, Singapore, Taiwan and the USA. The Group is also working intensively to develop new markets such as South America, Africa and the Arab region. The registered shares of Meyer Burger Technology Ltd are listed on the SIX Swiss Exchange (Ticker: MBTN).
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