Energy Conversion Devices Eliminating 20% Of Its Workforce

Energy Conversion Devices Inc. (ECD), a global manufacturer of light-weight, thin-film, flexible solar laminate products for the building-integrated and commercial rooftop markets, has initiated a restructuring plan, which includes additional workforce reductions and the previously announced restructuring related to ECD's acquisition of Solar Integrated Technologies.

ECD will eliminate 400 employees, representing 20% of the company's combined workforce. These actions are expected to create annualized savings of approximately $17 million, with half to be realized in fiscal 2010.

ECD expects to record related charges of approximately $9 million in fiscal year 2010, including the previously announced restructuring costs related to ECD's acquisition of Solar Integrated Technologies. This restructuring plan will be completed in fiscal 2010.

SOURCE: Energy Conversion Devices

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