Spain-based Isofoton has launched a restructuring plan that the company says will align its staffing with the solar sector's current needs. The plan will affect 380 workers at Isofoton's Malaga, Spain, module factory.
Isofoton has also begun negotiations to refinance its debt with suppliers in order to ensure its viability and to improve its efficiency. The company is aiming to implement a more flexible business structure that adapts to the continuous oscillations in the increasingly demanding and competitive solar market.
Current challenges include an economic crisis, difficulties in access to financing, a lack of regulatory support in Europe, and competition from Asia, Isofoton says. The company exported 99% of its production as of the end of 2012.