Maxeon Announces Restructuring of Business Portfolio

Core Viewpoint - Maxeon Solar Technologies is restructuring its business to focus exclusively on the U.S. market, enhancing its growth and profitability potential through local manufacturing and strategic partnerships [1][2][3]. Group 1: Strategic Focus - The company will concentrate on the U.S. market, leveraging its existing market presence and planned manufacturing capabilities [1][2]. - Maxeon has signed a five-year lease for a facility in Albuquerque, New Mexico, with plans to begin solar panel manufacturing at a capacity of 2 GW by early 2026 [1][3]. Group 2: International Operations - Maxeon has reached an agreement-in-principle with TCL Technology Group for the sale of its EMEA, APAC, and LATAM sales and marketing organization, which will be integrated into a new unit, TCL SunPower International [2]. - TCL Group will also acquire Maxeon's manufacturing operations in the Philippines, aiming to create a robust global solar solutions company while allowing Maxeon to focus on its U.S. operations [2]. Group 3: Leadership Statements - CEO George Guo emphasized the importance of expanding the residential and commercial partner network in the U.S. and maintaining strong relationships with utility-scale customers [3]. - Guo highlighted the company's commitment to developing a domestic solar panel supply chain and expressed gratitude for the support received from local government officials in New Mexico [3]. Group 4: Company Background - Maxeon Solar Technologies, headquartered in Singapore, has nearly 40 years of experience in solar energy and holds over 1,900 patents for innovative solar solutions [4]. - The company aims to provide sustainable energy solutions for residential, commercial, and utility-scale customers [4]. Group 5: TCL Technology Group Overview - TCL Technology Group is a global leader in technology, specializing in display and solar-grade materials, and is committed to delivering high-quality products and services across more than 160 markets [5].