Enphase Electricity will lay off about 10% of workforce as aspect of restructuring plan

Enphase Electrical power will lay off 10% of its world wide workforce as aspect of a restructuring strategy, the photo voltaic organization disclosed in a regulatory filing on Monday.

Enphase manufacturers microinverters that change photo voltaic strength into usable energy. The company’s stock is down 53% this calendar year as significant interest premiums have depressed demand from customers, leaving the corporation saddled with stock. Enphase has a market capitalization of $16.9 billion.

Enphase will also stop operations at agreement production plants in Wisconsin and Timisoara, Romania and resize its other agreement vegetation, in accordance to the enterprise. It will aim on producing microinverters at contract vegetation in South Carolina and Texas.

Enphase mentioned it will just take a $16 million to $18 million strike from restructuring and asset impairment rates, most of which will be booked in the fourth quarter of this 12 months.

The solar sector has had a brutal 12 months across the board with the Invesco Solar ETF (TAN) down about 30%.