Solar power firm downsizing.
Solar technology firm BP Solar said this week that it will cut about 140 jobs at an assembly plant in Frederick, Maryland, and another 480 at manufacturing and assembly plants in Madrid. The cuts are part of an effort to reduce costs and refocus its global manufacturing operations. The company is phasing out its photovoltaic module assembly in Maryland and closing its photovoltaic-cell manufacturing and module assembly operations in Spain. Chief executive Reyad Fezzani says solar markets have been hit hard by three major interrelated factors: the economic downturn, oversupply and increased competition. BP Solar is a subsidiary of UK-based global energy company BP.