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2024:16% staff cut
On January 21, 2024, the Israeli solar power equipment manufacturer SolarEdge Technologies announced a reorganization aimed at reducing operating costs. This program will reduce headcount by approximately 16%.
About 900 employees will be laid off during the restructuring, including about 500 people who work at the company's various production sites, the official statement said. These measures are expected to bring the cost structure in line with the market dynamics and the current macroeconomic situation. Previously, SolarEdge took a number of other actions aimed at reducing costs and improving the financial situation. The company, in particular, stopped production in Mexico, reduced production facilities in China and abandoned plans to produce light commercial vehicles with electric drives.
 | We have made a very difficult but necessary decision to reduce the workforce and other changes designed to reduce costs. We remain confident in the long-term growth of the solar power market and in our strong positions in the corresponding segment, "says Zvi Lando, CEO of SolarEdge. |  |
It is also noted that the changes do not affect the company's development strategy and its priorities. SolarEdge will continue to develop renewable energy solutions while providing "best-in-class technology and customer support." Dismissed employees will receive due cash payments, compensation, etc. The restructuring costs will range from $59 to $66 million. They will be recorded in the fourth quarter of the financial year.[1]
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