By Dean Seal
Maxeon Solar Technologies has agreed to sell all of its non-U.S. operations to its majority shareholder, TCL Group, as it pivots to exclusively focusing on the U.S. market.
The Singapore-based solar technology company said Tuesday that it has the market presence and planned local manufacturing footprint in the U.S. to create a strong platform for growth and profitability.
As part of the pivot, Maxeon has signed a five-year lease on an existing building in Albuquerque, N.M., with a plan to start making solar panels there in early 2026.
TCL Group, meanwhile, has agreed to take over Maxeon's sales and marketing organization for Europe, the Middle East, Africa, the Asia-Pacific region and Latin America. It has also reached an agreement in principle to acquire Maxeon's Philippines manufacturing operations.
The transactions are intended to create a new global solar solutions company run by TCL Group.
Maxeon didn't provide financial terms or expected closing dates for the transactions.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 26, 2024 08:39 ET (13:39 GMT)
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