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SunPower To Cut Costs; Updates Guidance - Quick Facts

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( - SunPower Corp. ( SPWR ) announced significant cost reduction initiatives, under which the company plans to: reduce capacity to lower inventory, and improve cash flow; implement cost reduction programs that are expected to improve margins and reduce 2017 annual operating expenses to approximately $350 million; and target 2017 capital expenditures of approximately $100 million, a reduction of more than 50 percent compared to 2016. The company will formally announce restructuring program on December 7, 2016.

Tom Werner
, SunPower, CEO, said: "We are seeing a...