SolarWorld will survive, CEO says

SolarWorld will survive, CEO says

SolarWorld CEO Frank Asbeck says SolarWorld will survive its fiscal crisis that dropped share prices by 31% in a day.

But Asbeck, 53, told The Oregonian in an interview by email that he fully intends to lead SolarWorld through the crisis that affects not just his business but solar companies worldwide as prices hit new lows. He blames manufacturers' woes on China's government, docked by U.S. trade agencies for subsidizing Chinese companies, which dumped solar panels at below cost in the United States. Importers of Chinese solar panels must now pay U.S. tariffs.

"Every day we fight hard against Chinese dumping, and our people are continuously improving our performance, too," Asbeck said. "We know our business plan is strong, but only if we can restructure our debt and halt illegal Chinese trade practices."

Read more at OregonLive.com.

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Guest
0 #1 BANKRUPTCY!Guest 2014-01-23 19:29:39
It's ironic that Solar World blames it's woes on China when these same suppliers approached them for silicon supply several years ago and were turned down due to a booming business on the silicon side. Yes, price gouging at $500+ kg was going on, so China decided to produce their own product for the world's consumers at $25/kg. This of course dropped the price per watt on a solar module down from $4.50 to under a $1.00. The American consumer embraces these lower costs. There are an estimate 140,000 viable jobs in the solar sector in the USA. The majority are courtesy of our Chinese partners and providers of this coveted product. I wonder if Mr. Aspeck also has a problem with China carrying in excess of three trillion in US debt? I believe that DUMPING accusations are unfounded and truly wish that SolarWorld like all companies that fail to compete, just simply fade away. Welcome to America my German friends. The land of opportunity, but where ONLY THE STRONG SURVIVE.
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