SunPower announced to let go of 145 to 160 non-manufacturing employees over the next 12 to 18 months in line with its restructuring plan, which is expected to be complete by mid 2023. (Photo Credit: SunPower Corporation)
- Around 3% of the global workforce of SunPower will be let go under the company’s restructuring plans
- Between 65 to 70 jobs will be impacted in the SunPower Technologies business and another 80 to 90 cuts will be in SunPower Energy Services business
- The management expects to incur restructuring charges of approximately $16 million to $22 million
SunPower To Spin Off Shares In Manufacturing Business To Create New Company Called Maxeon Solar In Which Tianjin Zhonghuan Semiconductor Will Own Over 28% Stake With $298 Million Investment
(12. November 2019)
Celebrations for the year 2020 are still in the air but not for some 3% of the global workforce of American solar power company SunPower Corporation. The management ended the year 2019 announcing its plans to let go of 145 to 160 non-manufacturing employees over the next 12 to 18 months in line with its restructuring plan to align its manufacturing activities under the spin-off Maxeon Solar Technologies, Pte. Ltd. (see SunPower To Bifurcate Into Two Public Companies).
SunPower says this number comprises between 65 and 70 in the SunPower Technologies business unit and another 80 to 90 employees in the SunPower Energy Services business. However, it did not mention the locations or the job levels where these jobs will be eliminated.
As a result of this, the management expects to incur restructuring charges totaling approximately $16 million to $22 million and most is likely to be accounted in Q4/2019 and Q1/2020.
According to the restructuring plan announced by SunPower in November 2019, it decided to focus on distributed generation, storage and energy services under the brand name of SunPower Energy Services while the manufacturing under Maxeon brand will be incorporated in Singapore under Jeff Waters. Maxeon will have Chinese company Tianjin Zhonghuan Semiconductor as the funding partner of its next generation technology (NGT) with an equity investment of $298 million.
All restructuring plans including optimization of workforce requirements are scheduled to be completed by mid-2023, SunPower said in an Securities and Exchange Commission (SEC) filing.