SunEdison tightens its belt.
SunEdison, Inc has announced a proposed series of actions to optimise operations in the current difficult market conditions
The company says it is positioned to take advantage of its scale and will:
Focus on core, high profit-potential markets such as the U.S, India, China and Latin America,
Simplify its business structure by removing duplicative activities created as a result of recent M&A activities and business growth, through centralizing global business development and operations, and consolidating global support teams (e.g. finance, legal, etc.),
Rationalize purchased services to deliver cost reductions and capture economies of scale.
It seems that after a period of acquisition and spending the company has to tighten its belt and rethink some of its earlier activities.
In May this year the company announced it had acquired renewable energy developer Latin American Power from Brazil's BTG Pactual Asset Management and its partners. It has been reported this week by the Wall Street Journal that SunEdison won't complete its planned acquisition of Latin American Power. Who dumped who is not clear but the end result is the same. No deal done.
This comes in the wake of the company's announcement that it will lay off 15 percent of its workforce.
Belt well and truly tightened.