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SMA Solar to Eliminate 700 Jobs in Germany on Market Drop

SMA Solar Technology AG, the world’s biggest maker of inverters, said it will eliminate 700 full-time jobs in Germany by the end of 2014 as the photovoltaic market it supplies shrinks.

SMA Solar has begun talks with its works council to ensure the cutbacks are handled “in the most socially responsible way,” the Niestetal, Germany-based manufacturer said in a statement today. The stock rose 1.1 percent to 20.22 euros as of 4:35 p.m. in Frankfurt, reversing a decline of as much as 2.8 percent earlier today.