From MarketWatch, August 26:
Meyer Burger Technology stock skids as its profit target to be lowered
A Swiss company intending to build a solar cell manufacturing facility in Colorado Springs, Colo., said on Monday the project is not financially viable and has been put on hold.
Meyer Burger Technology said it is now going to focus on the module production plant in Goodyear, Ariz., which is mostly installed and in the ramp-up phase, and its existing cell production site in Thalheim, Germany will now form the backbone of its solar-cell supply.
It said its medium term earnings before interest, tax, depreciation and amortization target will be significantly lower than expected, as well as its debt ratio. The company said it’s now drawing up a comprehensive restructuring and cost-cutting program.
It’s delaying its half-year results by at least two weeks, to Sept. 30 or to a later date....
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