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December 4, 2015

STR Holdings appoints new CFO

STR Holdings of Enfield has hired a new chief financial officer/chief accounting officer. The hiring comes in the wake of the company’s former CFO’s decision to pursue another opportunity.

Thomas D. Vitro has been appointed vice president, CFO and chief accounting officer, replacing Joseph Radziewicz, who tendered his resignation effective Dec. 31. Vitro rejoins the company after a two-year absence. He had worked there from 1982 to 2013.

STR Holdings is a provider of encapsulants to the photovoltaic module industry. Its third quarter results showed a 78 percent decline in net income for the third quarter. It continues the Enfield solar components manufacturer's ongoing profits losses.

In October, after its stock was suspended from the New York Stock Exchange, STR Holdings Inc. shifted its stock to the highest tier of the OTC Markets Group. Also in October it entered into a factoring agreement to sell, with recourse, certain European, U.S., and other foreign company-based receivables to Eurofactor Hispania S.A.U. It allowed the company to receive up to 1 million Euros in advance funds against future receivables.

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