(Reuters) -Meyer Burger shut down a U.S. solar panel factory in Arizona due to financial troubles, cutting all 282 employees, the Swiss company said on Thursday.
The Goodyear, Arizona, plant was announced in 2021 to enable Meyer Burger to capitalize on clean energy manufacturing incentives introduced during the administration of former U.S. President Joe Biden.
But the company’s operations in both Europe and the United States struggled to compete with cheaper products imported from Asia. Less than a year ago, it canceled plans for a second U.S. factory in Colorado.
Meyer Burger said it was in talks with a group of bondholders about restructuring, but that the future of the Goodyear, Arizona, site was uncertain.
(Reporting by Nichola Groom; Editing by Chris Reese)
Comments