SAN JOSE, Calif., Jan. 7, 2021 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR), a leading solar technology and energy services
provider, today announced that it will close SunPower Manufacturing
Oregon, LLC, its solar panel manufacturing plant in Hillsboro, Ore.
"We made the difficult but necessary decision to close our plant
after careful evaluation and the change in focus of our business
over recent months," said Tom
Werner, CEO and chairman of the board of SunPower. "We
recognize how hard this is for all the employees impacted and are
dedicated to helping them through this transition."
In August 2020, SunPower completed
the spin-off of Maxeon Solar Technologies, Ltd. The spin-off
encompassed international panel manufacturing and associated sales,
which is now run by Maxeon. Following the split, SunPower is
focused on innovative solar and battery storage system sales and
services for customers in the U.S. and Canada, as well as developing downstream
energy services products like energy management software. SunPower
is continuing to provide the most powerful and efficient solar
panels through a supply agreement with Maxeon.
The decision to close the plant will impact approximately 170
employees. SunPower will provide all impacted employees with
comprehensive separation packages, including severance, work
transition assistance and six months of COBRA for continuation of
health insurance coverage. The company will source and
present open positions from other area employers, host a virtual
job fair to assist in securing new employment, and encourage
employees to apply for open positions at SunPower if they are
willing to relocate.
The company is taking steps to cease operations by March 2021 and complete the wind-down of the
facility in early June while simultaneously looking into other
options. These include selling the plant, exploring a joint
venture option or assessing potential partnerships.
SunPower will continue its distributed generation investments
consistent with its business strategy. Its U.S. workforce of about
1,200 employees in numerous cities across ten states is currently
growing with demand. Additionally, SunPower has a network of more
than 700 independent residential and commercial dealers across 46
states – each its own small business – totaling more than 17,000
U.S. jobs.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage and
Energy Services provider in North
America. SunPower offers the only solar + storage solution
designed and warranted by one company that gives customers control
over electricity consumption and resiliency during power outages
while providing cost savings to homeowners, businesses,
governments, schools and utilities. For more information,
visit www.sunpower.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding our plans for, and the timing and
impact of, shutdown of our Oregon
manufacturing facility, and our future areas of focus. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to
materially differ from those expressed or implied by these
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to: (1) the timing
and execution of restructuring plans; (2) employee management
and retention issues that may arise; (3) estimates and assumptions
related to the cost of exiting employees, modifying or terminating
lease and other real estate obligations, and other associated
costs; (4) potential disruptions to our operations and supply chain
that may result from epidemics or natural disasters, including
impacts of the Covid-19 pandemic; and (5) changes in public policy,
including the imposition and applicability of tariffs. A detailed
discussion of these factors and other risks that affect our
business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent reports on Form 10-K and Form 10-Q, particularly under the
heading "Risk Factors." Copies of these filings are available
online from the SEC or on the SEC Filings section of our Investor
Relations website at investors.sunpower.com. All forward-looking
statements in this press release are based on information currently
available to us, and we assume no obligation to update these
forward-looking statements in light of new information or future
events.
©2021 SunPower Corporation. All Rights Reserved.
SUNPOWER and the SUNPOWER logo are registered trademarks of
SunPower Corporation in the U.S.
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SOURCE SunPower Corp.