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A global oversupply and higher production costs force solar panel manufacturer Suntech (NYSE:STP) to cut two out of three production shifts and reduce the number of employees at its solar manufacturing facility located in Goodyear, Arizona. Output at the plant will fall from 45 MW to 15 MW with about 50 personnel being let go.
Coca-Cola (NYSE:KO) proposes to invest US$1.3 billion as a new five-year system investment in Chile. The amount includes $200 million spent on a new bottling plant in Renca, stated to be “the most modern in the Coca-Cola system in Latin America and a model for the Coca-Cola system throughout the world.” The investment amount will also cover sustainability initiatives, reduction of energy utilisation, recycling and physical activity, in addition to outlay on infrastructure, equipment, technology and marketing.
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Nike (NYSE:NKE) clinches a deal to sell its Cole Haan affiliate brand to Apax Partners for $570 million. “The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the NIKE, Inc. portfolio are the most complementary to the NIKE Brand,” said NIKE, Inc. President & CEO Mark Parker, as per the press release.
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