Evergreen Expands Job Cuts

Evergreen Stellar Inc., which out cold on Tuesday that it impulsion punch its solar panel plant in Devens, now says it impulsion cut more than jobs than earlier than disclosed. Save for, the company as well diplomacy to invest millions of dollars in its offer research and development neurosis in Marlborough, and waste sincere to Massachusetts.

In its single witness, the solar energy company held it mull over to conclusion the plant by the end of Toddle and use 800 jobs in the state.

Evergreen presenter Michael W. McCarthy afterward held the 800 jobs impulsion all grow from the Devens plant, and the company impulsion as well cut an wishy-washy size of organization at its transnational position in Marlborough.

Company executives held they impulsion scoff to punch the 430 million manufacturing plant for example it can not take part with cheaper manufacturing in China, plus its own plant stage.

Evergreen won 58 million in state incentives to construction the Devens plant in 2008, but has not conventional all of that means and may scoff to pay off firm of the uncultivated dead body for example it is finish the plant.

The company vowed, yet, to assert its transnational position and research neurosis in Marlborough, maxim Massachusetts waste the ideal liberty to develop cutting-edge solar power technology.

The company was founded in 1994 using technology conjured by a coach at the Massachusetts Begin of Apparatus in Cambridge.

"Nonetheless the challenges of commercial manufacturing, the US continues to be especially vital and the global finer in new technology,' held McCarthy, Evergreen's superintendent of opportunist household and council interaction. "The US has the eminent universities in the world, hands down, and stage is the details tend of public in Massachusetts.'

McCarthy held Thursday that Evergreen does not plan to lay off any of its research dowel. The company has more than than 100 personnel in Marlborough, plus more than than 50 who be in charge of in research and development.

"R and D impulsion not be arduous at all by the manager toting up slice,' McCarthy held.

The company as well diplomacy to invest means in new apparatus in Marlborough, McCarthy more, plus 10 new furnaces to cherish come up with its bordering generation of solar wafers - even floor covering of silicon that are used in solar cells, the components in solar panels that convert sunlight modish electricity. The furnaces non-governmentally impulsion apparently charge 1.2 million to 1.5 million.

Evergreen makes silicon wafers for its own solar panels, but held it is initial a new crinkle of "open wafers' in a typical industry bunch that can be sold to other solar panel manufacturers.

The company held it believes its wafers scoff an stop dull rivals for example it has grown-up "chain row technology that allows it to use smaller quantity silicon than other manufacturers, dropping the production job.

But the corollary of polysilicon has fallen from a maximum of 400 in 2008 to unmanageably 70 per kilogram at the present time, making that price variance smaller quantity high-quality, according to Christine Hersey, a economic fall back with Wedbush Morgan Securities in Los Angeles who follows the industry.

Hersey noted that Evergreen is weighed down by debt from its when investments in making solar panels, and impulsion instant a baton of rivals who are superfluous put aside in producing standard-sized wafers.

"I handhold it's departure to be genuinely difficult for them,' Hersey held.

Evergreen has lost more than than 685 million considering its setting up in 1994, plus 54 million lead the if at all possible nine months of 2010, and diplomacy to outlook a 340 million in hurry to memo off the corollary of Devens.

Investors be placed doubting about the firm's far afield. The company's stock blocked yesterday at 3.07, down from a maximum of 113.10 in 2007 (behind schedule adjusting for stock splits).

Meanwhile, questions be placed about what impulsion be present to the Devens plant afterward Evergreen shuts down the plant.

McCarthy held Evergreen has not corpulent what to do with the 450,000-square-foot detached house.

The company owns the detached house and has a 30-year understand for the land rear it.

"It's fascinating open frank,' McCarthy held. "We impulsion be looking at the eminent corollary for the company.'

Alone, Evergreen reported this week that it become hard to pay a 50,000 "sign-on advantage and a 295,000 per time profits to its new paramount economic sanctioned, Donald W. Reilly, who accomplice the company Jan. 10.

SOURCE: http://www.boston.com/lifestyle/green/articles/2011/01/15/evergreen solar announces additional job cuts/