November 3, 2010 / 10:44 AM / 9 years ago

Solyndra to close plant, cut jobs - NY Times

Nov 3 (Reuters) - Solar panel maker Solyndra Inc, which withdrew its initial public offering plans in June, will announce on Wednesday that it will shut down an older plant and cut jobs, the New York Times said.

The cost-cutting move by Solyndra, which faces intense price competition from Chinese manufacturers, will reduce its previously announced production capacity, the paper said.

The company recently also postponed its plans to expand Fab 2, a $733 million factory in Fremont, California, to make its high-tech solar panels, the paper said.

The company could not immediately be reached for comment by Reuters. (Reporting by Anand Basu in Bangalore; Editing by Hans Peters)

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