Maxeon Solar restructuring business portfolio

Maxeon Solar (MAXN) announced a broad strategic restructuring of the company’s business portfolio and geographic market focus. Going forward, the company intends to focus exclusively on the U.S. market. As a part of this strategy, Maxeon has executed a five-year lease of an existing building in Albuquerque, New Mexico and plans to begin solar panel manufacturing in this 2 GW capacity facility in early 2026. In rest-of-world markets, Maxeon and TCL Technology Group, the parent company of its majority shareholder have reached agreement-in-principle for the sale of Maxeon’s EMEA, APAC and LATAM sales and marketing organization to TCL Group which will be incorporated into a newly formed solar solutions business unit, TCL SunPower International. The two companies have also agreed in principle for TCL Group to acquire Maxeon’s Philippines manufacturing operations. Maxeon and TCL Group anticipate signing definitive agreements by the end of 2024. Following the completion of these transactions, Maxeon will continue to operate as an independent, publicly traded NASDAQ listed company solely focused on the U.S. residential, commercial, and utility-scale markets.