Dec 7SunPower Corp, the No. 2 U.S.
solar panel maker, said on Wednesday it would lay off about 25
percent of its workforce, or 2,500 employees, and close one
plant as part of a cost-cutting plan it announced last month.
Solar companies have been hard hit after stiff competition
pushed prices of solar panels lower and as customers held off
purchases in the hope of a further decline in prices.
SunPower, majority owned by French energy giant Total SA
, said it expects to incur restructuring charges of
$225-$275 million through the end of 2017.
The company said in November the cost-cutting measures would
include lowering operating expenses in 2017 to about $350
million and more than halving its capital budget for the year to
about $100 million.
(Reporting by Arathy S Nair in Bengaluru; Editing by Savio