DuPont jumped into the green economy and will now have to cut 1,500 jobs because just because your build solar doesn't mean the market will come.
DuPont is one of the largest and oldest companies in America. For two hundred years it has been an American brand name and the symbol of the country's energetic industrial base. But then DuPont jumped into the green economy and will now have to cut 1,500 jobs because just because your build solar doesn't mean the market will come.
DuPont, whose electronics and communications division suffered a 28 percent loss last year, driven largely by “lower photovoltaic volumes.”
After GE and Siemens, a third major industrial powerhouse has warned the solar energy market is floundering. DuPont CEO Ellen Kullman said on the company's Q3 earnings call this week that overcapacity will cause sales growth in the photovoltaic market to flatline next year.
As a result of its losses, DuPont will cut 1,500 jobs. That means instead of creating green jobs, the green economy is further destroying American jobs.
American companies were pressured into diverting their products into the green line. The money isn't there and it's not just fake companies like Solyndra or Fisker, kept up by government money for companies owned by well-connected donors, but even big companies like DuPont have lost a lot of money on green energy and that lost money translates into lost jobs.
Obama and the left keep talking about green jobs and getting on board the green economy. But the only green that can be seen is the money that Americans lost on the green boondoggle and the money that insiders like Al Gore made off the EcoScam.