Phoenix Solar Begins Job-Reduction Program After Posting Loss

Phoenix Solar AG (PS4), which builds and sells solar-power plants, has begun a voluntary program to reduce jobs to cut costs after the German company reported a third-quarter net loss of 19 million euros ($26 million).

The company will “reduce personnel in the mid-double-digit range,” Phoenix Solar AG Chief Executive Officer Andreas Haenel said today by e-mail.

The Sulzemoos-based builder seeks to avoid firings and has implemented a program that seeks volunteers, he said.

To contact the editor responsible for this story: Todd White at twhite2@bloomberg.net

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