The speed and scale of job cuts revealed by LDK Solar last week surpassed any announcements made so far by other companies trying to cope with the problems in the PV sector. The Chinese maker of polysilicon, wafers and solar has cut 5,554 workers since the end of 2011. This represents about 22 per cent of its staff strength.
The company's workforce peaked at 28,000 in July last year. It is now down to 19,195 workers, Xingxue Tong, chief operations officer, said in a conference call.