FX.co ★ Maxeon Announces Strategic Restructuring Plan, Stock Up In Pre-Market

Maxeon Solar Technologies, Ltd. (MAXN) announced on Tuesday a strategic restructuring plan, redirecting its primary focus towards the U.S. market. As part of this initiative, the Singapore-based firm has leased a building for a five-year term in Albuquerque, New Mexico. This facility is projected to start solar panel production with a capacity of 2 GW by early 2026. Additionally, Maxeon has entered into an agreement to divest its sales and marketing divisions in the EMEA, APAC, and LATAM regions, along with its manufacturing operations in the Philippines, to TCL Technology Group. The final agreement with TCL Group is anticipated to be finalized by the close of 2024. In pre-market trading, Maxeon's shares have risen by 20.81%, currently valued at $9.64 on the Nasdaq.