280 people will be out of work as SMA Solar closes its Denver plant

The group announced their intention to consolidate production and focus more heavily on increasing production capacity at sites in China and Germany.

CHLOE
Solar panel. (Thomas Kohler/Flickr)

Solar panel. (Thomas Kohler/Flickr)

SMA Solar is leaving Denver and taking 280 jobs with it. The German solar production company announced Thursday that plants in Denver and Cape Town, South Africa, will close, due to industry-wide pricing competition, according to Reuters.

The group announced their intention to consolidate production and focus more heavily on increasing production capacity at sites in China and Germany.

The company recently published its second quarter financial results with a year-end forecast of $89 million to $134 million. The board has acknowledged that the range is ambitious considering price developments in the solar sector.

Multimedia business & healthcare reporter Chloe Aiello can be reached via email at caiello@denverite.com or twitter.com/chlobo_ilo.

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