in News Departments > New & Noteworthy
print the content item

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.



Hybrid Energy Innovations 2015

Surrette_id1409
Latest Top Stories

Solar Helps Sunrise Powerlink Reach 1 GW Transmission Milestone

The $1.9 billion transmission infrastructure project is key to the success of the solar and wind power projects in California's Imperial Valley.


New York Raises Solar Net-Metering Caps As Part Of An Energy Initiative

Gov. Andrew Cuomo announced five significant steps to help improve New York's grid, develop more localized access to energy and encourage new business models.


Co-op Solar Procurement: Exciting Opportunity Or Grounds For Turf War?

Despite promising growth in the utility sector, further procurement of solar on utility co-op systems could be stalled.


Colorado PUC Rejects Xcel Energy's Solar*Connect Subscription Program

Citing a lack of demand and concerns over pricing, Colorado regulators wasted little time in dismissing the utility's community solar proposal.


NextEra To Purchase Majority Stake In Hawaiian Electric In $4.3 Billion Deal

If approved by shareholders and regulators, the merger of NextEra and Hawaiian Electric Industries will produce one of North America's largest renewable energy companies.

Maynards_id1471
Hybrid Energy Innovations 2015