One of the largest solar PV companies in the world, SunPower, is going to be undergoing a restructuring process that will see 85–115 jobs cut, mostly in the company’s European operations, according to recent reports.
The process will cost $15 million to $25 million — which will be accounted for in the fourth quarter financials.
As per the company’s SEC filing, the restructuring process is being pursued as a means of potentially improving the company’s overall operational efficiency and cost structuring. It’s currently expected that the process will be complete by the end of fiscal year 2015.
Taken as a percentage of the company’s total worldwide employee numbers, the job cuts account for roughly 1–2% of said numbers. It’s not currently clear what divisions these cuts will be made in.
The company possesses a module assembly plant in France — which was formerly a Tenesol facility. Owing to the fact that another facility in South Africa, also formerly owned by Tenesol, was closed last year, some ideas do come to mind. Nothing is clear yet, though, so there are other possibilities there.
In related news, SunPower also recently announced the creation of a new 160 MW solar PV module manufacturing facility in Cape Town, South Africa — developed for the purposes of manufacturing the company’s high-efficiency E20/440 panels.
Something also worth noting: with SunPower’s recent purchase of the new solar startup SolarBridge, the upcoming restructuring may be something a necessity.
Image Credit: SunPower