Citing flagging revenues and operational losses, AEG Power Solutions (PS) has decided to close its subsidiary in Lannion, France.
The AEG PS Group says its total revenues decreased nearly 11% from 2011 to 2012, and the group is expecting a 25% decrease in 2013. Earnings were down 66% in 2012 compared with 2011, and losses are expected for 2013 as well.
The board of 3W Power, the holding company of AEG PS, has appointed Jeffrey Casper, chief financial officer of the group, as chief restructuring officer in charge of a recovery program for the company.
The Lannion business intends to file for bankruptcy. France's solar sector has been struggling with job losses.