SolarEdge Confirms Global Job Cuts
TL/DR –
SolarEdge Technologies, a global leader in smart energy technology, announced a restructuring plan that includes the elimination of approximately 16% of its workforce. The move is part of the company’s effort to reduce operating expenses and align its cost structure with current market dynamics. Measures have already been taken, including the discontinuation of manufacturing in Mexico, a reduction of manufacturing capacity in China, and the termination of light commercial vehicle e-mobility activity.
SolarEdge Announces Restructuring Plan and Workforce Reduction to Align with Market Dynamics
SolarEdge Technologies, Inc. (NASDAQ: SEDG), a leading smart energy technology company, today announced a restructuring plan and workforce reduction aimed at lowering operating expenses and aligning with current market trends.
Approximately 16% of SolarEdge’s global workforce, or 900 employees, will be affected. Around 500 of these are from the company’s multiple manufacturing sites.
The reductions are in line with SolarEdge’s strategy to adapt to market conditions. This includes discontinuing manufacturing in Mexico, reducing manufacturing capacity in China, and ending the company’s light commercial vehicle e-mobility activity.
CEO’s Statement
Zvi Lando, CEO of SolarEdge, said, “We have taken the difficult but necessary decision to reduce our workforce and other expenses to align with the rapidly changing market dynamics. We are committed to treating departing colleagues with respect and gratitude and supporting them during this transition. We remain confident in the continued growth of the solar energy market and in our leading position within the smart energy space.”
About SolarEdge
SolarEdge is a global leader in smart energy technology. The company develops smart energy solutions that power our lives and drive future progress. SolarEdge’s DC-optimized inverter aims to maximise power generation while lowering the cost of energy produced by the photovoltaic (PV) system.
Contact Information
Press Contact: Lily Salkin, Global Public and Media Relations Manager, [email protected]
SolarEdge Technologies, Inc. Dana Noyman, Head of Corporate Communications and Global PR, [email protected]
Investor Contact: JB Lowe, Head of Investor Relations, [email protected]
The full press release is available on BusinessWire
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