Igor Golovniov | LightRocket | Getty Images
Enphase Energy will lay off 10% of its world workforce as part of a restructuring plan, the photo voltaic firm disclosed in a regulatory filing on Monday.
Enphase producers microinverters that convert photo voltaic vitality into usable electrical energy. The firm’s inventory is down 53% this yr as excessive rates of interest have depressed demand, leaving the corporate saddled with stock. Enphase has a market capitalization of $16.9 billion.
Enphase will additionally stop operations at contract manufacturing crops in Wisconsin and Timisoara, Romania and resize its different contract crops, in response to the corporate. It will deal with manufacturing microinverters at contract crops in South Carolina and Texas.
Enphase mentioned it will take a $16 million to $18 million hit from restructuring and asset impairment costs, most of which will be booked within the fourth quarter of this yr.
The photo voltaic sector has had a brutal yr throughout the board with the Invesco Solar ETF (TAN) down about 30%.