Tags: solar | job | cuts | SuneEdison

Solar Company SunEdison to Cut 15 Percent of Its Workforce

Monday, 05 Oct 2015 06:46 PM

U.S. solar company SunEdison Inc. plans to cut about 15 percent of its global workforce as part of a restructuring plan to integrate the businesses it bought recently.

The company had about 7,260 employees as of Dec. 31, 2014, according to a filing in March.

The company will incur a related charge of $30 million to $40 million, which will be recorded in the third quarter of 2015 and through the first quarter of 2016.

Most of these charges are expected to be paid by the end of the fourth quarter of 2016, SunEdison said in a regulatory filing on Monday.

SunEdison's stock has been under pressure since mid-July as investors questioned the solar company's liquidity after its purchase of Vivint Solar Inc.

TerraForm Power Inc., a unit of SunEdison, said in July it would buy 930 megawatt of wind power plants from Invenergy Wind LLC for $2 billion.

© 2017 Thomson/Reuters. All rights reserved.

   
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U.S. solar company SunEdison Inc. plans to cut about 15 percent of its global workforce as part of a restructuring plan to integrate the businesses it bought recently.
solar, job, cuts, SuneEdison
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2015-46-05
Monday, 05 Oct 2015 06:46 PM
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