First Solar up 11.3% on Operational Restructuring Announcement

First Solar

is trading higher on the session following the announcement that the company will restructure its operation. First Solar expects savings of $100-120 million annually, 2012 restructuring charges of $245-370 million, and pays down $145 million of debt. The company also reduces its workforce by 2,000. Mike Ahearn, Chairman and Interim CEO of First Solar: “After a thorough analysis, it is clear the European market has deteriorated to the extent that our operations there are no longer economically sustainable, and maintaining those operations is not in the best long-term interest of our stakeholders. Decisions like this are not easy, especially given how important the European markets and our associates in Europe have been to the development of our Company and the solar industry as a whole. We are committed to treating all affected associates fairly, and to building our relationships with European business partners that are aligned with our strategy of pursuing utility-scale solar opportunities in sustainable markets around the world.” First Solar is currently trading at $23.18, a gain of $2.36 or 11.34%.