SunPower to shed up to 115 jobs in Europe

Nov 20, 2014 - US solar company SunPower (NASDAQ:SPWR) plans to axe between 85 and 115 jobs mainly in Europe as part of a reorganisation plan that will be wrapped up by end-2015.

The move is aimed at improving the company’s overall operating efficiency and cost structure, SunPower said in a filing with the US Securities and Exchange Commission (SEC). As a result, the company will incur restructuring charges ranging between USD 15 million (EUR 12m) and USD 25 million, consisting of severance benefits, lease and related termination costs and other costs. A large portion of those charges will be booked in the fourth quarter of 2014, with over 90% of the total expected to be cash.

The job losses will represent about 1%-2% of SunPower’s global workforce, it said, without specifying the exact job positions it will cut.

SunPower, an affiliate of French oil and gas group Total SA (EPA:FP), currently has photovoltaic (PV) equipment bases in North America, Europe and Asia. Earlier this month, the company unveiled plans for the construction of a an up to 160-MW solar panel production facility in Cape Town, South Africa. By the end of the decade the firm also plans to complete a fourth solar cell factory, construct an 800-MW cell and panel production plant and add over 1 GW of additional low concentration PV (LCPV) capacity.

(USD 1.0 = EUR 0.798)

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