Crisis During 2011 and 2012
During 2011, RECs stock price has been constantly dropping and fallen to the lowest level (NOK 4.34) since the company became public. In addition due to the continued weak market conditions and prospects of significant negative cash flow, the board of directors announced in October that REC would permanently close down the production capacity at the oldest multicrystalline wafer plants at Herøya, the multicrystalline wafer plant in Glomfjord and the solar cell plant in Narvik. The remaining Norwegian plant, at Herøya, was closed down in 2012. Its wafer subsidiary, REC Wafer Norway AS, is planning to file for insolvency.
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Famous quotes containing the word crisis:
“The easiest period in a crisis situation is actually the battle itself. The most difficult is the period of indecision—whether to fight or run away. And the most dangerous period is the aftermath. It is then, with all his resources spent and his guard down, that an individual must watch out for dulled reactions and faulty judgment.”
—Richard M. Nixon (1913–1995)