05:17 AM EST, 11/11/2024 (MT Newswires) -- Enphase Energy ( ENPH ) said Friday it plans to reduce its global workforce by 17% and move certain functions to cost-efficient regions, affecting about 500 employees and contractors.

The company said it will consolidate contract manufacturing in four locations, including two in the US and one each in India and China, while closing contract manufacturing operations in Guadalajara, Mexico.

The company's microinverter production capacity will remain steady at about 7.25 million units per quarter, it said.

Enphase Energy ( ENPH ) expects to incur about $17 million to $20 million in restructuring costs, of which $14 million is expected in Q4 2024.

The workforce changes should be mostly complete within H1 2025, the company said.

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