HOHENSTEIN-ERNSTTHAL (dpa-AFX) - Roth & Rau AG said Monday that based on preliminary figures, its sales for 2011 fell to EUR 208 million from EUR 285 million in 2010. Net loss for 2011 was EUR 123 million, compared to a net loss of EUR 25.8 million in the previous year. Further figures and details will be published with the Annual Report on March 22. Roth & Rau also said its Supervisory Board has approved the proposal submitted by the Management Board to supplement the actions already taken within the CRiSP cost and structure optimisation programme with additional measures. The aim is to adjust cost structures at short notice in line with the changed market position so as to ensure a rapid and sustainable improvement in the company's earnings and financial strength. It is planned to close locations and cut significant numbers of personnel. Following the implementation of all measures, of the current total of 26 subsidiaries only 12 companies will remain within the Group. The workforce is to be downsized from 1,350 to less than 1,150 employees. At the Hohenstein-Ernstthal location, where around 420 employees currently work, the ongoing crisis in the solar industry will lead to around 15% of these jobs being cut, the company said. All measures are planned to be implemented in full by the end of the first half of 2012. Annual savings of EUR 18 million are expected from 2013. The one-off restructuring expenses are expected to result in a EUR 3 million charge on earnings in 2012.
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