SMA Solar Technology AG has launched a “group-wide restructuring and transformation program.” The board hopes to achieve cost savings of an estimated €150 million to €200 million.
“With the restructuring and transformation program that has now been initiated, we will stabilize SMA financially in the short term and, at the same time, readjust the medium and long-term business strategy,” said SMA CEO Jürgen Reinert.
The restructuring program includes three key measures. The company plans to optimize its cost structure, adjust its organizational and operational setup, and strategically reposition itself in the market, according to SMA.
“In order for SMA to continue to be an integral part of the global energy transition in the future, we must now position ourselves better and in a future-proof manner,” Reinert said.
SMA has not revealed any specific measures yet, but job cuts are likely. Discussions with the company's co-determination body will take place in the coming weeks. SMA said these steps will help it improve profitably in a volatile market environment.
“The top priority is to increase profitability and sustainably strengthen the company's financial stability,” said SMA CFO Barbara Gregor. “The decisive factor now will be to quickly flesh out our ambitious plans and then implement them in a disciplined and consistent manner.”
