Maxeon Solar Technologies layoffs, on the record
Every job cut, severance charge and restructuring Maxeon Solar Technologies reported in its annual reports, 2023 to 2024, quoted from the filings.
Job cuts, severance and restructuring
Our summaryAdopted a May 2021 restructuring plan to reduce costs and improve cash flow, mainly by closing a manufacturing facility in Toulouse, France.
Word for word“The Company expects less than 40 employees to be affected in connection with this restructuring plan.” 20-F for 2023
Our summaryAdopted a June 2022 restructuring plan to reduce costs and improve cash flow, mainly by closing the module factory in Porcelette, France.
Word for word“The Company expects less than 30 employees to be affected in connection with this restructuring plan.” 20-F for 2023
Our summaryThe company recorded restructuring expense tied to its September 2023 Restructuring Plan, which was approved to rebalance global operations.
Word for word“Restructuring expense of $125.5 million in fiscal year 2023 consists of mainly costs associated with the Company's September 2023 Restructuring Plan that was approved to rebalance our global operations to create efficiencies, improving cash flows and improve our product execution in alignment with our strategy.” 20-F for 2023
Our summaryThe company reported a global reduction in force within its 2023 re-engineering and rebalancing activities, including severance payments and advisory fees.
Word for word“Of this amount, $74.5 million related to impairment of long-lived assets, $39.1 million related to contract termination cost as part of restructuring activities, and $13.6 million related to the global reduction in force, including severance payment and advisory fees.” 20-F for 2023
Our summaryThe company reported severance cost related to a reduction in its global workforce as a charge tied to re-engineering its IBC manufacturing capacity.
Word for word“For example, in light of the current market environment, we are re-engineering our IBC manufacturing capacity and as a result we have and will continue to incur charges, relating to the cancellation of existing purchase orders, accelerated depreciation of certain equipment and severance cost related to the reduction in our global workforce.” 20-F for 2023
Our summaryThe company recorded an impairment charge tied to the exit activity under the September 2023 Restructuring Plan.
Word for word“Apart for the impairment charge of $74.5 million as a result of the exit activity in connection to the September 2023 Restructuring Plan, we have not recorded any other material impairment charges for fiscal year 2023.” 20-F for 2023
Our summaryThe company recorded inventory write-downs in gross profit connected to the September 2023 Restructuring Plan.
Word for word“In fiscal year 2023, gross profit includes write-down of inventories and inventory related costs in connection to the September 2023 Restructuring Plan of $24.3 million.” 20-F for 2023
Our summaryThe company recorded restructuring expense tied to its June 2022 restructuring plan, mainly the closure of a module factory in Porcelette, France.
Word for word“Restructuring expense of $2.1 million in fiscal year 2022 consists primarily of costs associated with the Company's June 2022 restructuring plan to reduce costs and focus on improving cash flow, the majority of which related to the closure of a manufacturing facility in Porcelette, France.” 20-F for 2023
Our summaryThe company states it may restructure its workforce in response to changes in business needs, and the restructuring activities under the September 2023 plan are expected to be completed by fiscal year 2024.
Word for word“The restructuring activities are expected to be completed by fiscal year 2024.” 20-F for 2023
Our summaryThe company says it has engaged in and will keep engaging in transactions and restructuring plans to raise liquidity and refocus on the U.S. market, and that the plans may not succeed.
Word for word“• We have engaged in, and will continue to engage in, a series of transactions and restructuring plans to provide us with needed liquidity and re-orient the Company toward an exclusive focus on the U.S. market.” 20-F for 2024
| Fiscal year ended | Restructuring charges |
|---|---|
| 2018-12-30 | $7.8 million |
| 2019-12-29 | −$517,000 |
| 2021-01-03 | $0 |
| 2022-01-02 | $8.1 million |
| 2023-01-01 | $2.1 million |
| 2023-12-31 | $125.5 million |
| 2024-12-31 | $116.2 million |
Maxeon Solar Technologies has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Maxeon Solar Technologies’s annual reports (20-F for 2024, 20-F for 2023, 20-F for 2023) and the financial data it files with the SEC, as of 2025-04-30. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.