SolarEdge Technologies Inc. on Sunday stated it’ll lay off about 16% of its workforce, about 900 staff, as a part of a restructuring to slash working prices.
“We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics,” Chief Executive Zvi Lando stated in a press release.
SolarEdge stated about 500 of the layoffs will happen at its manufacturing websites. The Israel-based solar-power firm had beforehand ended its manufacturing in Mexico, diminished its manufacturing capability in China and deserted plans to construct a light-weight industrial automobile.
SolarEdge stated it’ll present additional particulars of its restructuring in its upcoming earnings launch, which is anticipated by the tip of February.
SolarEdge shares
SEDG,
have plunged 77% over the previous 12 months, and in November the corporate swung to a shock third-quarter loss, citing a slowdown in photo voltaic installations. At the time, it additionally forecast sharply decrease gross sales in its present quarter.
Solar shares have been battered over the previous yr, as solar-panel firms face weaker demand amid excessive rates of interest. SunRun Inc.
RUN,
is down about 50% over the previous 12 months, whereas Enphase Energy Inc.
ENPH,
is off 53% and SunPower Corp.
SPWR,
has sunk 81%.
Source web site: www.marketwatch.com
