SunPower Shuts Plant, Cuts Jobs 25% to Survive Solar Slump
- Will reduce operating expenses to $350 million next year
- Company expects to end 2017 with $300 million in cash
A worker installs First Solar Inc. photovoltaic solar panels
Photographer: Joshua Lott/BloombergThis article is for subscribers only.
SunPower Corp. is following through with a planned restructuring effort that will reduce its workforce by 25 percent to cut costs after solar prices plunged in an oversupplied market.
The second-biggest U.S. panel-maker will cut 2,500 employees to reduce operating expenses next year to less than $350 million, San Jose, California-based company said in a statement Wednesday. It’s closing a factory in the Philippines that can produce about 700 megawatts a year.