Enphase Energy Cutting 350 Jobs

<p>Enphase Energy announced it will reduce its global workforce by approximately 10&percnt;&comma; impacting approximately 350 contractors and employees&period; The company will streamline operations by ceasing contract manufacturing operations in two locations—Timisoara&comma; Romania and Wisconsin in the United States—and resizing other contract manufacturing sites&period;<&sol;p>&NewLine;<p>In addition&comma; Enphase plans to continue hiring and travel freeze through 2024 and cut discretionary spending&period;<&sol;p>&NewLine;<p>The announcement was made by Badri Kothandaraman&comma; Enphase President and CEO&period;<&sol;p>&NewLine;<p>The CEO blames high interest rates for reducing demand for its inverters in the U&period;S&period; and Europe&period;<&sol;p>&NewLine;<p>Enphase&&num;8217&semi;s worldwide microinverter contract manufacturing operations currently have a combined capacity of approximately 10 million units per quarter&period; Kothandaraman said the company will reduce capacity to 7&period;25 million units per quarter and focus manufacturing in the United States&period;<&sol;p>&NewLine;<p>Employees in the U&period;S&period; that are laid off will receive&colon;<&sol;p>&NewLine;<ul>&NewLine;<li>Will pay employees until the last working day&comma; generally January 5&comma; 2024&comma; with exceptions to support business or individual needs &lpar;the &OpenCurlyDoubleQuote;notification period”&rpar;&period; Employees may receive pay in lieu if their last working day is prior to the expiration of the notification period&semi;<&sol;li>&NewLine;<li>Severance packages that will include cash and vesting of certain restricted stock units &lpar;RSU&rpar;&semi;<&sol;li>&NewLine;<li>Continue to provide health-care benefits for participating employees until the end of the month of the last working day&comma; and employees may elect to continue coverage &lpar;at their own expense&rpar; under COBRA thereafter&semi; and<&sol;li>&NewLine;<li>Will allow employees to use company time to seek their next opportunity during the notification period&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;