Meyer Burger cuts 200 jobs and loses CEO

Europe's leading solar cell manufacturer Meyer Burger announces the elimination of approximately 200 jobs to return to profitability. The company is battling fierce competition from China. Meyer Burger plans to reduce its global workforce from about 1,050 to 850 employees by the end of 2025, primarily in Europe. The focus of business activities is to be shifted to the USA. This announcement coincides with the resignation of CEO Gunter Erfurt, who will be immediately replaced by Chairman Franz Richter. CFO Markus Nikles will also be leaving the company in September. The manufacturer reported a loss of 292 million Swiss francs in 2023, attributing this to "bitter price wars in the European solar market," exacerbated by a surge of Chinese products entering the market. Zurich Cantonal Bank analyst Bernd Laux commented: "This drastic measure is sensible, but it comes too late. It remains to be seen whether it can prevent Meyer Burger's slow decline.