The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.2 - Manufacture Of Batteries And Accumulators
1,100 jobs Number of planned job losses
Announcement Date
14 November 2024
Employment effect (start)
14 November 2024
Foreseen end date
31 December 2025
Description
German solar systems manufacturer SMA Solar Technology has announced that it will cut approximately 1,100 positions globally by the end of 2025.
Two-thirds of the cuts are expected at the company's headquarters in Niestetal, Germany, potentially affecting 700 jobs: SMA Solar Technology - 2024 - DE
The restructuring is part of a cost-saving program aimed at reducing expenses by €150–200 million. This decision follows a sharp decline in revenue from private and commercial solar system sales, with total revenue falling by over 20% in the first nine months of 2024 compared to the same period in 2023. Despite record earnings in 2023, driven by high demand, SMA Solar Technology has faced challenges in 2024, prompting the company to lower its full-year revenue and profit forecasts. The restructuring seeks to streamline operations and position the company for sustainable, profitable growth.
As of the end of September 2024, SMA Solar Technology employed roughly 4,500 people across 20 countries, with over 3,200 of these located in Germany.
Eurofound (2024), SMA Solar Technology , Internal restructuring in World, factsheet number 202153, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202153.
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