North Coast Solar Stocks

May 7, 2009

Energy Conversion Devices Announces Limited Production Furlough

Filed under: ENER — Tags: , , , — Jason @ 1:11 pm

Thursday May 7, 2009, 1:11 pm EDT

ROCHESTER HILLS, Mich., May 7 /PRNewswire-FirstCall/ — Energy Conversion Devices, Inc. (ECD) (ENER) today announced that it has begun implementing a planned temporary production furlough in the fiscal fourth quarter ending June 30, 2009.

The furlough has begun in Tijuana, and will continue for the first two weeks of May and also the first two weeks of June. The company will temporarily suspend production at its Auburn Hills and Greenville sites on May 17, 2009. Production is expected to resume at Auburn Hills on June 7, 2009 and on Greenville on June 14, 2009. The company is taking these steps to manage its production volumes due to uncertain near-term demand.

The company will discuss this furlough in greater detail on its third quarter earnings release conference call scheduled for 10:00am ET on Monday, May 11, 2009. As a result of this furlough, we expect to save approximately $6 million in costs during the quarter.

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: