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SolarEdge, which makes inverters for solar panels, will cut about 16% of its workforce.
The company announced Sunday that approximately 900 people will lose their jobs in a restructuring plan “designed to reduce operating expenses and align cost structures with current market trends.” The company said in a filing with the Securities and Exchange Commission (SEC) that industry conditions are “challenging.”
SolarEdge said the layoffs are expected to occur during the first six months of this year. More than half of the affected employees work at manufacturing sites.
From SolarEdge Technologies logo, photo illustration, July 4, 2021. (Pavlo Gonchar/SOPA Images/LightRocket via / Getty Images)
“We treat our departing colleagues with respect and appreciation for their contributions and are committed to supporting their transition,” CEO Zvi Land said in a statement. Stated.
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Prior to the layoffs, the company had shut down manufacturing operations in Mexico and reduced production capacity in China. SolarEdge said the company also previously put the brakes on its light commercial vehicle e-mobility efforts.
Some companies in other sectors have announced layoff plans in recent weeks, including Wayfair, Unity Software and Citigroup. (Getty/Getty Images)
The company said the restructuring would result in pre-tax costs of $59 million to $66 million, including $6 million to $7 million in severance and other benefits.
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Rand also said that SolarEdge “is here to stay.”[s] We are confident in the long-term growth of the solar energy market and in our leading position in the smart energy field. ”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| SEDG | Solar Ridge Technologies Co., Ltd. | 71.85 | +2.74 | +3.96% |
Some companies in other sectors have also announced layoff plans in recent weeks, including e-commerce housewares retailer Wayfair, tech company Unity Software and bank Citigroup. Amazon's Prime Video and MGM Studios groups have laid off “several hundred” employees.
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Macy's announced late last week that it would cut its workforce by 3.5% and permanently close five stores in four states.
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