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SMA Solar Expands Restructuring Program to Save 400 Million Euros Annually, Cut 700 Jobs

SMA Solar is boosting its restructuring efforts to tackle a weak market and intense price competition. The plan includes significant job cuts and market exits to save 400 million euros annually.

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In the image we can see there are buildings and there are trees in the area. On top of the building there is a banner on which it's written "Braggs Factory".

SMA Solar Expands Restructuring Program to Save 400 Million Euros Annually, Cut 700 Jobs

SMA Solar, grappling with economic challenges, is set to expand its restructuring program. The company aims to save up to 400 million euros annually and cut around 700 jobs in Germany by the end of 2026.

The company plans to exit certain market segments, including residential storage, and optimize its inverter business. This move is expected to bring additional annual cost savings of over 100 million euros. Half of the total 400 million euros in savings will come from job cuts, with the other half from reducing corporate expenses.

SMA Solar has already begun discussions with the works council about further job cuts. Around 300 of these cuts will be at the company's headquarters in Niestetal, Germany. Official negotiations are set to begin next week and be completed in November. The company also plans to reduce its research and development spending and withdraw from unprofitable markets.

SMA Solar's expansion of its restructuring program is a response to a persistently weak market and immense price pressure in the residential and commercial sectors. The company aims to save up to 400 million euros annually and cut around 700 jobs in Germany by the end of 2026, with most cuts happening at its headquarters.

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