Solar Power Takes Another Hit

New York City report-

First Solar Inc. will lay off 2,000 workers and close its factory in Germany following a collapse in solar panel prices that has erased the industry's profits and forced some smaller companies into bankruptcy.

America's biggest solar manufacturer said the layoffs amount to 30 percent of its global workforce. It's an about-face for a company that doubled the number of employees at the Frankfurt, Germany, plant to more than 1,200 just last year.

First Solar will also shutter some production in Malaysia. It plans additional job cuts in Europe and the U.S.

"The solar market has changed, and so must we," Mark Widmar, First Solar's chief financial officer, told analysts in a conference call.

Sometimes the sun don't shine.