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.


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