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Enphase Energy cuts 10 percent of employees in restructuring
https://www.whatjobs.com/news/usa/us-employment-news/enphase-energy-cuts-10-percent-of-employees-in-restructuring
By Nithya Bose in US business news, posted December 20, 2023
California-based Enphase Energy is set to trim approximately 10 percent of its workforce and close manufacturing facilities as part of a restructuring.
The layoffs will affect both employees and contractors at the solar and battery-system supplier.
The company aims to enhance efficiency and align its workforce and cost structure with prevailing market conditions.
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Operations will cease at contract manufacturing sites in Timisoara, Romania, and Wisconsin.
The firm will focus on microinverter production in the US, utilizing existing contract manufacturing partners in South Carolina and Texas.
Enphase anticipates incurring $16 million to $18 million in restructuring and asset impairment charges, mainly in the fourth quarter.
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The restructuring is expected to conclude in the first half of 2024.
The company foresees an adjusted operating expense reduction of $75 million to $80 million per quarter in 2024.
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