NEW YORK ( TheStreet) -- Solar company First Solar (FSLR - Get Report) announced Tuesday morning it is cutting 30% of its work force, or about 2,000 people, because of a deteriorating European market and to reduce costs.
The company will close its manufacturing plant in Frankfurt in the fourth quarter and will idle four production lines in Malaysia on May 1.
First Solar anticipates it will save between $30 million and $60 million this year and between $100 million and 120 million annually in years to come from the cost-cutting measures.
Shares of First Solar fell 1.49% to $20.51 in premarket trading Tuesday. The stock has fallen 38.33% year to date.-- Written by Alexandra Zendrian
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