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SunPower widens cost-cutting plan to include job cuts, plant closure
December 7, 2016 / 1:10 PM / a year ago

SunPower widens cost-cutting plan to include job cuts, plant closure

Dec 7(Reuters) - SunPower 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 D‘Souza)

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