Rec Silicon presented weak quarterly results, and to cut costs they must dismiss 70 employees.
Rec Silicon had a revenue of $ 59.9 million in the third quarter, compared with $ 87.5 million in the same quarter last year. In the previous quarter the turnover was $ 71.1 million.
– We have succeeded in maintaining sufficient liquidity during this period of market disturbances.
I expect, because of our efforts to keep costs down, Rec Silicon will continue as a leading low-cost producer in the silicon industry, even with a reduced production rate, says Tore Torvund in the stock exchange announcement, confirming that the company must reduce their headcount.
Source: NTB scanpix / Norway Today