SolarEdge Technologies announced on Jan. 21 restructuring plans to reduce operating expenses and revise its cost structure, including a global workforce reduction. (Source: Shutterstock)
SolarEdge Technologies announced on Jan. 21 restructuring plans to reduce operating expenses and revise its cost structure, including a global workforce reduction.
The workforce reduction will impact approximately 16%—about 900 employees—of the company’s global workforce. A sizable portion of that percentage will be employees from manufacturing sites.
Along with reducing workforce numbers, the company also is discontinuing manufacturing in Mexico and light commercial vehicle e-mobility operations, as well as reducing manufacturing in China.
“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,” SolarEdge CEO Zvi Lando said in the press release. “We remain confident in the long-term growth of the solar energy market and our leading position in the smart energy space.”
Recommended Reading
Dividends Declared Week of Nov. 18
2024-11-22 - Here is a compilation of dividends declared in the week of Nov. 18 from select upstream and service and supply companies for fourth-quarter 2024.
US Drillers Cut Oil, Gas Rigs for Second Week in a Row
2024-11-22 - The oil and gas rig count fell by one to 583 in the week to Nov. 22, the lowest since early September. Baker Hughes said that puts the total rig count down 39, or 6% below this time last year.
LandBridge Closes Deal for 5,800 Acres in New Mexico's Delaware Basin
2024-11-22 - LandBridge said it announced or closed acquisitions totaling 53,080 acres in fourth-quarter 2024.
ConocoPhillips Completes $22.5B Acquisition of Marathon
2024-11-22 - ConocoPhillips CEO Ryan Lance said he expects synergies of more than $1 billion on a run rate basis over the next 12 months.
Exclusive: Why Family Offices Favor ‘Lower-Risk’ Oil, Gas Investments
2024-11-22 - Evan Smith, Stephens’ senior vice president for investment banking, describes growth in the company’s network of family offices, specifically those investing in the energy sector, in this Hart Energy Exclusive interview.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.