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