Enfield solar encapsulant manufacturer STR Holdings Inc., facing mounting losses from the loss of its biggest customer in July, said it will put off renovating a Chinese facility and will close its plant in Malaysia to conserve cash.
STR reported a loss of $5.9 million for its fiscal third quarter, compared to a profit of $667,000 in the same quarter last year. Net sales were $6.2 million, down from $23.1 million.
It will seek to outsource production of its encapsulants in China instead of producing them itself.
The company remains debt free and has more than $62 million in cash, but has taken drastic measures to improve its financial picture, including eliminating the positions of chief operating officer, vice president of human resources, chief technology officer and vice president of finance. Those reductions, announced last month, take effect at the end of this week.
The company is no longer providing earnings guidance.
Read more
STR closing new East Windsor facility
STR to lay off 160, take $20M in charges
