SunPower to cut 900 jobs in Philippines
Solar panel maker SunPower Corp said it will restructure its Philippines manufacturing operations and cut about 900 jobs, citing challenging industry conditions.
The company said it will temporarily idle six of its 12 lines at its cell manufacturing plant and 20 percent of its panel manufacturing in the Philippines to reduce inventory, lower operational costs and improve efficiency.
Sunpower will also reduce its workforce by about 900 employees, mainly in the Philippines.
The San Jose, California-based company expects to record a restructuring charge of between $10 million and $17 million, most of which will be in the fourth quarter. More than 90 percent of these charges would be cash.
Solar panel makers' profits have been hit by the steep decline in prices for the panels that turn sunlight into electricity because of a glut of supply and declining government subsidies for renewable energy.