NEW YORK (AP) — Solar cell maker SunPower Corp. anticipates restructuring charges between $51 million and $69 million related to the closing of a manufacturing plant.
The solar panel maker had said in November that it intended to cut costs by up to 10 percent in the next year as the solar industry deals with stagnating prices and demand.
SunPower said on Monday that its manufacturing cost cut initiatives are on track. The company said that its board has approved a plan to consolidate its Philippine manufacturing operations into its Fab 2 manufacturing plant, while its Fab 1 plant will be closed. It is working on remaking the plant.
The San Jose, Calif., company said it will log $47 million to $63 million in restructuring charges in its fiscal second quarter, which ends in June. The rest of the charges will be recorded in later quarters.