SolarEdge, a company that makes inverters for solar panels, will shed about 16% of its workers.
The company said Sunday roughly 900 people will lose their jobs in a restructuring plan “designed to reduce operating expenses and align its cost structure to current market dynamics.” It called industry conditions “challenging” in a filing with the Securities and Exchange Commission (SEC).
The layoffs will occur over the first six months of the year, according to SolarEdge. More than half of the affected employees work at its manufacturing locations, it said.
“We are making every effort to treat our departing colleagues with respect and gratitude for their contributions and support them in their transition,” CEO Zvi Lando said in a statement.
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Prior to the headcount reduction, the company had stopped its Mexico manufacturing operations and trimmed its Chinese capacity. It also earlier pumped the brakes on its light commercial vehicle e-mobility efforts, according to SolarEdge.
The restructuring will bring $59 million to $66 million in pre-tax costs, including $6 million to $7 million from severance and other benefit costs, the company said.
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Lando also said SolarEdge “remain[s] confident in the long-term growth of the solar energy market and our leading position in the smart energy space.”
|SOLAREDGE TECHNOLOGIES INC.
Some companies in other sectors have unveiled plans for job cuts in recent weeks, including e-commerce home goods retailer Wayfair, tech company Unity Software and bank Citigroup. Amazon’s Prime Video and MGM Studios groups shed “several hundred” workers.
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Late last week, Macy’s said it would reduce its workforce by 3.5%, as well as permanently close five locations in four states.