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:
“Without metaphor the handling of general concepts such as culture and civilization becomes impossible, and that of disease and disorder is the obvious one for the case in point. Is not crisis itself a concept we owe to Hippocrates? In the social and cultural domain no metaphor is more apt than the pathological one.”
—Johan Huizinga (1872–1945)