GT Advanced Technologies (GTAT), a provider of crystal growth equipment for the PV manufacturing industry and other sectors, says it is reorganizing its worldwide operations in the face of difficult market conditions.
GTAT will consolidate its existing business units into a single crystal growth systems (CGS) group and reduce its workforce by approximately 25%. When fully implemented, the workforce reduction is expected to decrease the company's annualized expenses by approximately $13 million.
Under the new business structure, Dan Squiller has taken on the role of president of the company's new CGS business group. The CGS group combines the PV, polysilicon and sapphire business units, as well as worldwide operations. David Keck will assume the role of executive vice president and general manager of the PV and polysilicon unit, and Cheryl Diuguid will continue to lead the sapphire business unit as executive vice president and general manager.
‘It is becoming increasingly clear that some of our Asian customers are experiencing severe financial difficulties brought on by a number of economic and trade-related challenges,’ says Tom Gutierrez, president and chief executive officer. ‘We are not immune to these headwinds, and we are taking actions to prepare for what is likely to be a challenging 2013 in our core markets.’
Gutierrez adds that long-term, the company expects to see a turnaround in the solar sector, driven by new technologies and cost reductions.