(Reuters) - Solar panel maker SunPower Corp said it will restructure its Philippines manufacturing operations and cut about 900 jobs, citing challenging industry conditions.
The company said it will temporarily idle six of its 12 lines at its cell manufacturing plant and 20 percent of its panel manufacturing in the Philippines to reduce inventory, lower operational costs and improve efficiency.
Sunpower will also reduce its workforce by about 900 employees, mainly in the Philippines.
The San Jose, California-based company expects to record a restructuring charge of between $10 million and $17 million, most of which will be in the fourth quarter. More than 90 percent of these charges would be cash.
Solar panel makers' profits have been hit by the steep decline in prices for the panels that turn sunlight into electricity because of a glut of supply and declining government subsidies for renewable energy.
(Reporting by Neha Alawadhi in Bangalore; Editing by David Cowell)
Team Jeb Hits Back at Trump for Being 'Soft on Crime,' Cites Past Support for Legalizing Drugs | Cortney O'Brien
Sen. Chris Murphy Admits That Gun Control Legislation From Washington Probably Won’t Stop Shootings | Matt Vespa
Boom! James Woods demolishes Hillary's 'for our children' pledge with a 5-word disclaimer
Federal judge: Moral objections enough to override HHS contraception mandate - Hot Air
Doctors Will Be the Scapegoats in the Coming Obamacare Disaster | Human Events
Katie Pavlich - Latest Clinton Email Server Dump Reveals 150 More Documents Flagged For Classified Information
Political Calculations - What Is Your U.S. Income Percentile Ranking?
The Beginning of the End | RedState
Father of Murder Victim Will Campaign For Gun Control, After He Buys One - Bearing Arms - Anti-Gun Hysteria