SolarWorld to hire hundreds with creditors' loan
SolarWorld Americas Inc., plans to hire an additional 200 employees by this fall, thanks to a $5 million cash infusion from creditors, the company announced on Wednesday.
SolarWorld, the largest solar panel manufacturer in the country, said in a statement that the money will help bring the Hillsboro company closer to full capacity, after it laid off hundreds of employees last year.
"With this latest cash infusion, our creditors are demonstrating their confidence in our company and its outlook for growth," said SolarWorld Americas CEO and President Juergen Stein. "We are continuing to serve our customers, as we have done for decades. They should read this update as yet another signal of our stable financial footing."
This is the second cash infusion creditors have given SolarWorld, 4050 N.E. Evergreen Road, in Hillsboro, since its parent company filed for insolvency in Germany last year. After the announcement, SolarWorld laid off hundreds of people from its Hillsboro facility and nearly closed its doors entirely.
The company laid the blame on cheap Chinese solar panels, which have flooded the market for years. SolarWorld appealed to the federal government to impose steep tariffs on foreign-made solar cells, which President Trump did in January.
Since then, the company has hired back
In November, the company announced plans to rehire hundreds of workers, bringing the total to about 650 employees by July. The company employed about 800 people before its layoffs last year.
This isn't the first time that creditors have given a lifeline to SolarWorld. Last year, the company received a $6 million from creditors and an additional $6 million from the sale of a warehouse SolarWorld owned near its Hillsboro headquarters.