SMA Solar launches a restructuring plan to save up to €200 million

By pv magazine Germany

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 started, we will stabilize SMA financially in the short term and at the same time adapt the business strategy for the medium and long term,” said Jürgen Reinert, CEO of SMA.

The restructuring program includes three main measures. The company plans to optimize its cost structure, adapt its organizational and operational setup and strategically reposition itself in the market, SMA said.

“To ensure that SMA can remain an integral part of the global energy transition in the future, we must position ourselves better and future-proof now,” says Reinert.

SMA has not yet announced specific measures, but job losses are likely. Discussions will take place with the company’s participation body in the coming weeks. SMA said these steps will help improve profitability in a volatile market environment.

“The top priority is to increase profitability and sustainably strengthen the financial stability of the company,” said Barbara Gregor, CFO of SMA. “The decisive factor now will be to quickly develop our ambitious plans and then implement them in a disciplined and consistent manner.”