Advanced Energy Industries Inc. says it will implement several restructuring initiatives in response to market conditions. As a first step, the company plans to localize research and development teams within the major geographies it serves, as well as transition the manufacture of some solar inverter subcomponents to its Shenzhen, China, factory.
Advanced Energy expects that this move will lower product costs for its solar energy business worldwide and enable regional fulfillment for complete products in the growing Asian market. The final assembly and testing of solar inverter products in the company's other markets, such as North America, will remain in close proximity to each region's customers.
In addition, Advanced Energy plans to reduce its workforce, primarily in its thin films business unit, and close and relocate some facilities for further cost savings.
