Maxeon Solar rises on agreement to sell units outside the US
26/11/2024 15:04
(Updates)
** Solar module maker Maxeon Solar Technologies' MAXN.O
shares rise 8.8% to $8.68
** Co to focus exclusively on the U.S. market
** MAXN has reached agreement-in-principle to sell co's
EMEA, APAC and LATAM businesses to Chinese electronics company
TCL Group
** TCL Group to also buy MAXN's Philippines manufacturing
operations
** Co executes a five-year lease of an existing building in
Albuquerque, New Mexico and will make solar panels in the 2 GW
capacity facility from early 2026
** "Overarching context here is the fact that U.S.
protectionism, including but not limited to the solar value
chain, continues to escalate — a trend, it must be underscored,
that started long before the recent election," says Pavel
Molchanov, analyst at Raymond James
** Including session's moves, stock down 98.7% YTD
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))