Hazelwood Layoffs: GT Advanced Technologies Restructures, Lets Go 35 Employees
The company is looking to sell its Hazelwood manufacturing plant, which it acquired from Confluence Solar in 2011.
This is part of a restructuring of the company with streamlining of operations, according to a company statement, with the hopes of positioning the company for growth once the markets it serves start to recover.
The New Hampshire-based company said it's shifting its pilot development plant operations currently located in Hazelwood to an existing facility in Merrimack, N.H. It will idle the Hazelwood facility until it can find a "strategic partner" to purchase it, the company said.
"The new functional structure reflects GT's continued efforts to streamline our operations and align our business with current market and business conditions," president and CEO Tom Gutierrez said. "It further minimizes duplication of resources and provides us with a very efficient platform to grow from in 2013."
The company estimates the idling of the facility will reduce its yearly expenses by approximately $15 million, excluding restructuring charges.
All furloughed employees will be provided severance pay, health and dental benefits and outplacement services, according to GT.
GT's pilot plant in Hazelwood produces materials for solar panels. GT acquired the Hazelwood business from Confluence Solar in 2011. It is located on Park 370 behind St. Louis Outlet Mall.