Maxeon Announces Strategic Restructuring Plan, Stock Up In Pre-Market

(RTTNews) - Maxeon Solar Technologies, Ltd. (MAXN), Tuesday announced a strategic restructuring plan, shifting its focus primarily on the U.S. market.

As part of the plan, the Singapore-based company leased an existing building in Albuquerque, New Mexico for five years to begin solar panel manufacturing in this 2 GW capacity facility in early 2026.

Also, Maxeon has agreed to sell its EMEA, APAC and LATAM sales and marketing organization to TCL Technology Group, including the company's Philippines manufacturing operations.

The company expects to enter into a definitive agreement with TCL Group by the end of 2024.

During the pre-market hours, Maxeon's stock is trading at $9.64, up 20.81 percent on the Nasdaq.