China's Longi plans to slash workforce by 30% - report

Chinese solar panel manufacturer Longi Green Technology Energy Co, or LONGi, intends to reduce its workforce by as much as 30% in an effort to lower costs amid global overcapacity, Bloomberg News reports, quoting several people familiar with the matter.

According to the report, Longi had a bit over 4,000 employees in 2012 and had increased that to a peak of about 80,000 last year. Then in November, the company had initiated job cuts and is now accelerating the implementation of this measure.

Other measures to lower costs such as the cancelation of free afternoon tea, slashing budgets for business trips and even printing only in black-and-white, have proven insufficient, the insiders have unveiled.

Bloomberg News said that officials at the company did not immediately respond to a request for comment.

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