Move will result in $0.7 million restructuring charge for Day4 Energy.
Solar technology company Day4 Energy (TSX: T.DFE, Stock Forum) announced Tuesday morning that it would be reducing its workforce at its Burnaby production facility.
The move affects approximately 95 people at the facility, and will result in a restructuring charge of $0.7 million this year.
"We are confident that with these changes we will be able to adjust our production to effectively and efficiently meet the best timing and geographical demand for 2009. This strategy will not only align our cost structure with the potential for the near term but it will also ultimately put the company in a better position to expand and grow with the market in the future. This will allow us to focus on those parts of the business that drive the highest returns," said George Rubin, president of Day4 Energy.
The company is Canada's largest manufacturer of high performance photovoltaic modules for residential, commercial and utility scale installations around the world.
Shares of Day4 Energy closed up 7.2% to 89 cents Monday.
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