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News & Politics News & Politics

Two More Stimulus-Backed Solar Companies Announce Layoffs…

Posted by on Nov. 17, 2012 at 7:59 AM
  • 7 Replies

 (WZ)

 

Via Heritage:

A pair of foreign-owned solar companies that benefited from a combined $84 million in Energy Department tax credits have announced they will lay off employees.

One of the companies, German-owned SolarWorld, was integral in the fight for tariffs against the importation of Chinese photovoltaic solar panels. The other, Chinese company SunTech, blamed those tariffs for its own layoffs.

Both companies benefited from the Energy Department’s stimulus-funded Advanced Energy Manufacturing (48C) Tax Credit. The 48C credit is worth up to 30% of the cost of manufacturing qualifying green energy projects.

SolarWorld received a credit worth $82 million, while SunTech’s was worth $2.1 million.

Both companies announced this week that they will shed some employees. SolarWorld, which announced a 47% revenue decline in the third quarter, blamed a potential 37 layoffs at its Oregon plant on “illegal” Chinese trade practices.

SunTech said the U.S. International Trade Commission’s 35.95% tariff on Chinese solar panels was partially responsible for the 50 impending layoffs at its Arizona production facilities.

by on Nov. 17, 2012 at 7:59 AM
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Replies (1-7):
imamomzilla
by on Nov. 17, 2012 at 8:00 AM
1 mom liked this

 Romney was right....he picks the losers.

Simmeringhearts
by on Nov. 17, 2012 at 8:29 AM

Are they mad that Obama won too?

mom2twinboyz
by Bronze Member on Nov. 17, 2012 at 9:33 AM
Quoting Simmeringhearts:

Are they mad that Obama won too?




Nah they can just live off the govt and collect checks. Exactly what they wanted. There is no incentive for Obama to do anything about jobs bc he wants everyone to be on the govt teat.
mom2twinboyz
by Bronze Member on Nov. 17, 2012 at 9:35 AM
1 mom liked this
Way to go Obama! You really know how to care for America. More like you are destroying it because your commie parents hated the country too.
itsmesteph11
by Silver Member on Nov. 17, 2012 at 5:51 PM
1 mom liked this

 He's batting a thousand.... at losing our money.

jaxTheMomm
by Gold Member on Nov. 17, 2012 at 6:04 PM

I only did a quick check on SunTech.  It's tax break came from an Arizona bill.  Was that funded by the stimulus? 

I'll dig more later.

autodidact
by Silver Member on Nov. 17, 2012 at 7:06 PM

http://www.usatoday.com/story/money/cars/2012/11/12/tesla-model-s-electric-car-motor-trend-car-of-the-year/1701167/

Quoting imamomzilla:

 Romney was right....he picks the losers.





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