SOLAREDGE TECHNOLOGIES, INC. (SEDG): restructuring charge — SolarEdge announces restructuring plan cutting ~16% of workforce (900 employees)

SOLAREDGE TECHNOLOGIES, INC.

Workforce reduction of ~16% (~900 employees), including 500 from manufacturing sites.
Estimated pre-tax charges of $59M-$66M, including severance ($6M-$7M), asset impairment ($22M-$25M), and capacity costs ($31M-$34M).
Additional charges of $36M-$41M for discontinuing light commercial vehicle e-mobility activity.
Future cash payments of $53M-$58M; restructuring substantially completed in first half of 2024.
Prior actions: exit Mexico manufacturing, reduce China capacity, end e-mobility activity.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SOLAREDGE TECHNOLOGIES, INC. announced a restructuring with charges of $36 million to $41 million affecting light commercial vehicle e-mobility activity.

Type: restructuring
Charge: $36 million to $41 million
Affected area: light commercial vehicle e-mobility activity

Exact text from the filing

In connection with the discontinuation of the Company’s light commercial vehicle e-mobility activity, the Company expects to record aggregate pre-tax charges of $36 million to $41 million, of which $33 million to $38 million are related to inventory write-offs and non-cancelable purchase orders.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SOLAREDGE TECHNOLOGIES, INC. announced a restructuring with charges of $59 million to $66 million affecting global workforce, manufacturing sites (approximately 16% of the SolarEdge global workforce, or approximately 900 employees).

Type: restructuring
Charge: $59 million to $66 million
Affected area: global workforce, manufacturing sites
Headcount: approximately 16% of the SolarEdge global workforce, or approximately 900 employees

Exact text from the filing

commercial vehicle e-mobility activity. In connection with the Restructuring Plan, the Company expects to record aggregate pre-tax restructuring and asset-related charges of $59 million to $66 million, comprised of $6 million to $7 million of severance and related benefit costs (excluding stock-based compensation expense), $22 million to $25 million of

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2 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

SOLAREDGE TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001178913-24-000210

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