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Unconfirmed reports point to layoffs at Guelph company

Leaked internal memo indicates job losses at Speedvale Avenue plant
canadian solar

Unconfirmed reports indicate there may have been major job losses at Guelph's Canadian Solar.

A leaked company memo obtained by Guelph MPP Liz Sandals and several media outlets indicate downsizing has happened. One unconfirmed media report out of Kitchener said 120 people lost their jobs at the Speedvale Avenue plant at the end of last week.

None of the reports have been confirmed. The company has not issued any kind of statement and has not returned requests for comment.

The leaked memo said that the company was undergoing a “restructuring" that would affect employees and that a "transition centre" was being set up.

The memo speaks of a "streamlining and subsequent reduction" in certain production areas.

Guelph Mayor Cam Guthrie said Sunday he had not received any notice or information from Canadian Solar thus far.

Founded in 2001, Canadian Solar's web site says it operates subsidiaries in 26 countries.

At one point the Speedvale Avenue plant, which assembles solar panels and other elements of the solar power industry, employed 700 people. It is not known how many it currently employs.

On Friday, its common shares on the NASDAQ exchange closed at $11.85. The 12-month high for the shares was just under $30 last January.

The company reported gross profits of US$138 million in the second quarter of 2016.

 


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