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SunPower idles factories as coronavirus hits solar demand

Published 04/21/2020, 12:48 AM
Updated 04/21/2020, 12:50 AM
TTEF
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SPWR
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April 20 (Reuters) - U.S. solar panel maker SunPower Corp
SPWR.O on Monday said it had temporarily stopped production at
all of its factories in five countries as the coronavirus
outbreak ravages demand for its products.
The company, which primarily makes panels for the rooftop
solar market, idled facilities in France, Malaysia, Mexico, the
Philippines and the United States, it said in a filing with the
U.S. Securities and Exchange Commission.
SunPower said it expected to bring the factories back online
"in the coming weeks." SunPower officials were not immediately
able to say how many employees would be affected by the move.
Residential and commercial solar installations have been hit
hard by pandemic-related lockdown orders that have put the
brakes on construction and economic fallout that has crippled
consumer and business spending. Last week, energy research firm
Wood Mackenzie said global solar installations this year would
be about 18 percent lower than it had expected before the spread
of the virus.
In addition to halting production, San Jose,
California-based SunPower said it had slashed the pay of its
executive officers for the second time in a month and was
reducing some of its employees to a four-day work week.
The company, which is majority owned by France's Total
TOTF.PA , said it is on track to complete its planned split
into two publicly traded companies by the end of the quarter.
The transaction will separate most of SunPower's panel
manufacturing operations from its U.S. solar and energy storage
business.
SunPower shares were down 16 cents, or 2.4 percent, at $6.51
in midday trade on the Nasdaq.

(Editing by Jonathan Oatis)

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