SunEdison (SUNE) Announces 15% Workforce Reduction; Sees Q3 Charges

SunEdison (NYSE: SUNE) disclosed the following on Monday:

On September 29, 2015, the Board of Directors (the “Board”) of SunEdison, Inc. (the “Company”) approved management’s recommendation to a restructuring intended to optimize business operations in alignment with current and future market opportunities, and accelerate cash flow positive operations. The restructuring provides for a workforce reduction of approximately 15% of the Company’s global workforce in response to current and expected market conditions and in order to remove duplicative activities created as a result of merger and acquisition activities and business growth.

In connection with the restructuring, the Company estimates that it will incur total charges of approximately $30 million to $40 million which will be recorded in the third quarter of 2015 and through the first quarter of 2016. These charges primarily consist of severance and other benefits to terminated employees, most of which are expected to be paid out by the end of the fourth quarter of 2016.

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