Energy Conversion Devices, parent company of Greenville's United Solar Ovonic company, has announced plans to layoff over 100 Michigan employees. The layoffs are expected to happen within the next week.
The company, based in Auburn Hills, is shrinking its workforce by 20-percent after its eigth consecutive quarterly loss. Its unclear at this time how many of the Michigan layoffs will occur at the Greenville location.
The company hopes to save $20 million a year through restructuring efforts, after revenue fell 70-percent and left a quarterly loss of $243.2 million. This will be the second 20-percent workforce reduction, the first occurring in 2009.
Company executives will be visiting work sites over the next week to announce layoffs.
The company, which employs 1,600 workers, also has operations in Mexico and Europe.