The company had previously announced in August 2011 that it would significantly restructure its business, including the closure of its cell production line, consideration of alternative business models and other measures to enhance its competitiveness.
SilexSolar said that it will now stop production at Olympic Park due to trading conditions in the Australian solar panel market failing to improve sufficiently.
“While significant progress has been made towards restructuring the SilexSolar business, to the point where the business has been operating on a cash flow-neutral basis for the last few months, the continuation of challenging market conditions has frustrated attempts to secure a profitable market niche and has thus necessitated the full closure of our manufacturing plant,” said Silex Chief Executive Michael Goldsworthy.
Silex said that it will continue to trade, primarily to progress some commercial-scale project work already underway, and will also continue to support existing installed product warranties.
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