Evergreen To Shutter Devens Facility
Marlborough-based Evergreen Solar will close its Devens manufacturing facility by the end of the first quarter of 2011, a move that will impact 800 employees.
The company said it is "no longer economically feasible" to operate the manufacturing facility in a "high-cost market in a period of rapidly declining prices."
In a statement, company President and CEO Michael El-Hillow said the U.S. will "continue to be at a disadvantage from a manufacturing standpoint" because of government subsidies for solar manufacturing in China.
The company will keep its Midland, Mich., and Wuhan, China operations.
The news comes as Evergreen is in the midst of reshuffling more than $300 million of its convertible debt. It is also preparing to expand its Chinese manufacturing operations by more than fivefold this year.
The company's stock was recently booted off the major Nasdaq trading exchange and is trading on a smaller Nasdaq market because the price per share was below $1. The company also recently executed a 6-1 reverse stock split.
Evergreen Solar has approximately 943 employees in Central Massachusetts, according to data compiled by the Worcester Business Journal.
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