Solarworld in Renewable Energy ‘War’ With China, Closing Factory
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Solarworld AG, Germany’s largest module maker, plans to close a factory to cut costs and compete against Chinese manufacturers that its chief executive officer says are subsidized by the state.
Solarworld will shutter a California manufacturing plant and some production lines in Germany, the Bonn-based company said yesterday in a statement. The move was needed to increase efficiency and reduce costs as Chinese rivals have helped drive down the price of solar cells by 42 percent this year, CEO Frank Asbeck said.