Swiss solar panel maker slumps as loss may force German plant shutdown

Swiss solar panel maker Meyer Burger Technology AG slumped as much as 47%, after saying it may shut one of Europe’s largest production sites and switch its focus to the US. Solar panel prices in Europe plunged last year after Chinese products flooded the market. That “dumping” means there is “no fair market” in Europe, Chief Executive Officer Gunter Erfurt said on a conference call. Trade restrictions imposed by India and a US import ban on Chinese panels suspected of being manufactured with forced labour saw modules redirected to the region. Meyer Burger said it will make a final decision on the shutdown of the unit in Freiberg, Germany, in the second half of February. The plant, which employs about 500 people, could close as early as April. At the same time, it will ramp-up operations in the US. + No vote for Alpine solar parks: what does it mean for Switzerland? Meyer Burger projects that it will require financing of about CHF450 million ($522 million) until it becomes...