Meyer Burger shares slashed after abandoning U.S. plant, delaying outcomes

Swiss photo voltaic panel maker Meyer Burger Expertise (OTCPK:MYBUF) -53% over two days in Zurich buying and selling after the corporate mentioned it was nixing plans to arrange a photo voltaic cell manufacturing unit in Colorado as “now not financially viable due to current developments,” and additional delaying its monetary outcomes unit September 30 or later.

The corporate mentioned its board has requested administration to attract up a “complete restructuring and cost-cutting program.”

The inventory’s precipitous two-day decline slashes the corporate’s market worth to ~$73M, in keeping with Bloomberg, down from a peak of almost $2.7B in February 2023.

Earlier this 12 months, Meyer Burger (OTCPK:MYBUF) had mentioned it deliberate to close manufacturing at a German plant as a result of it was not aggressive with Chinese language imports, and hoped to shift its focus to the U.S., the place it might entry subsidies below the Inflation Discount Act.

Meyer Burger (OTCPK:MYBUF) mentioned it’s going to proceed plans to develop a plant in Arizona and preserve an current web site in Thalheim, Germany.

ETF: (TAN)