Enphase Energy will lay off roughly 10% of workforce as part of restructuring plan
Publishing timestamp: 2023-12-18 17:27:02
Summary
Enphase Energy, a solar company that manufactures microinverters, will lay off 10% of its workforce due to a decrease in demand caused by high interest rates. The company's stock has dropped 53% this year. Enphase will also close manufacturing plants in Wisconsin and Romania and focus on plants in South Carolina and Texas. The company expects to take a $16-18 million hit from restructuring and asset impairment charges. The solar sector as a whole has struggled, with the Invesco Solar ETF down about 30%.
Sentiment: NEGATIVE
Keywords: markets, u.s. economy, enphase energy inc, business, business news, biotech and pharmaceuticals, biotechnology, breaking news: markets, alternative and sustainable energy, politics, energy, guggenheim solar etf, breaking news: business, health care industry,