Meyer Burger Technology Stock Tumbles on Lowered Profit Targets

  • Swiss company cancels solar cell production site project in Colorado Springs
  • Focus shifts to module production plant in Goodyear, Ariz.
  • Existing cell production site in Thalheim, Germany becomes the backbone of solar-cell supply
  • Medium term EBITDA target significantly lower than expected
  • Debt ratio also affected
  • Comprehensive restructuring and cost-cutting program underway
  • Half-year results delayed to Sept. 30 or later
  • Meyer Burger Technology stock down 47% in early trade, lost 96% value this year

A Swiss company planning to build a solar cell manufacturing facility in Colorado Springs has announced that the project is no longer financially viable and has been put on hold. Meyer Burger Technology will now focus on its module production plant in Goodyear, Arizona, which is in the ramp-up phase, and its existing cell production site in Thalheim, Germany will serve as the backbone of its solar-cell supply. The company has lowered its medium term earnings before interest, tax, depreciation, and amortization (EBITDA) target significantly and increased its debt ratio. A comprehensive restructuring and cost-cutting program is being drawn up. The half-year results will be delayed by at least two weeks to September 30 or later. Meyer Burger Technology’s stock dropped 47% in early trade, losing 96% of its value this year.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Meyer Burger Technology’s decision to put its solar cell manufacturing facility in Colorado Springs on hold and focuses on the company’s financial situation. It also mentions the reasons behind this decision, such as the focus on other plants and a restructuring program. The stock performance is included, but it could be considered irrelevant for some readers.
Noise Level: 2
Noise Justification: The article provides relevant information about a company’s decision to put a project on hold and its impact on the stock market, but lacks in-depth analysis or exploration of broader implications.
Public Companies: Meyer Burger Technology (CH:MBTN)
Key People:

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Financial Relevance: Yes
Financial Markets Impacted: Meyer Burger Technology’s stock (CH:MBTN) and related projects in solar energy industry
Financial Rating Justification: The article discusses the financial performance of Meyer Burger Technology, its impact on the stock market, and changes to their business plans which will affect the solar energy industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
Deal Size: 750000000
Move Size: The stock CH:MBTN slumped 47% in early trade and has lost 96% of its value this year.
Sector: Technology
Direction: Down
Magnitude: Large
Affected Instruments: Stocks

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