Solar manufacturer Maxeon to exit Melaka, puts 126-acre industrial site up for bids
KUALA LUMPUR, April 29 — A major China-linked solar manufacturer has put up for sale a 126-acre industrial site in Melaka — home to one of the state's largest solar panel plants — as it exits Malaysia to focus solely on the US market.
The site, which includes a manufacturing plant, is the largest tract in the industrial and commercial hub and lies approximately 17km from the Melaka International Airport, The Edge reported,
Maxeon, a Singapore-based company formerly known as SunPower Malaysia Manufacturing Sdn Bhd, designs and manufactures solar products and solutions globally.
The land is listed on Invest Melaka's website under Maxeon Solar Technologies (Sunpower) Sdn Bhd, and is advertised for sale by exclusive marketing agent Savills Malaysia.
Savills group managing director Datuk Paul Khong confirmed the listing but declined to reveal the landowner, citing the site's existing utilities and 800,000 sq ft built-up factory as a strong 'plug and play' opportunity.
Khong added that the property could attract interest from data centre operators and foreign manufacturers looking to relocate due to ongoing US tariff tensions with China and Vietnam.
He highlighted Malaysia's relatively low 24 per cent US tariff rate — compared to Vietnam's 48 per cent — as an added advantage for potential investors eyeing industrial expansion.
A local agent told The Edge that industrial land in the area previously transacted between RM20 and RM26 per square foot, with some deals going as high as RM40 psf in recent years.
The area already hosts major industrial players such as Honda Assembly, United Detergent Industries, Yihin Glass and Aluminium, Chestronics and Erreppi Manufacturing.
Maxeon has not confirmed the sale but maintains operations in over 100 countries, with its Melaka plant having produced advanced solar cells since July 2011.
The move comes after Maxeon announced in early April that it would focus solely on the US market following a strategic business restructuring.
Last year, Maxeon sold its global sales and marketing operations to its parent firm, China's TCL Group, and plans to transfer its Philippine manufacturing site to a new entity called TCL SunPower International.
Last week, the US announced increased tariffs on solar import from four countries including Malaysia, which now faces a blanket import duty of at least 34.4 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
2 hours ago
- Malay Mail
Singapore watching US tariff talks ‘very carefully', says foreign minister
SINGAPORE, June 7 — The United States' evolving tariff regime remains in flux and it will take time before the full picture becomes clear, said Singapore's Foreign Minister Dr Vivian Balakrishnan, following a five-day official visit to Washington. Speaking to The Straits Times, among other Singapore media, via Zoom today, Dr Balakrishnan said ongoing revisions, legal challenges and a likely series of bilateral negotiations with different trade partners mean the eventual shape of American tariffs is still being worked out. His meetings with senior US officials, senators and members of Congress revealed bipartisan agreement in the US on the importance of trade, investment, intellectual property, reliability, and secure supply chains. 'The relationship with the United States is a vital, critical one for Singapore — it spans the entire gamut... the economy, defence, security, and we're also pursuing emerging opportunities in areas like cyber security and energy,' he reportedly said. 'So it's a relationship which needs to be tended to, and attended to carefully.' Singapore and the US reaffirmed their strong bilateral ties during his visit, said Dr Balakrishnan, with both sides committed to deeper cooperation in areas such as defence and critical technologies, according to the Ministry of Foreign Affairs. A key topic during discussions was the impact of US tariffs on global trade, especially for small, open economies like Singapore. 'Any impact on global trade, any friction in the system, will have an impact on an open economy like ours, where our trading volume is three times our GDP,' he reportedly said. Dr Balakrishnan noted the US has a trade surplus with Singapore and should not impose even the baseline 10 per cent tariff. He said sector-specific duties were more concerning and would be closely scrutinised. 'We're still in the early stages of our discussions and negotiations, so let's watch this space,' he added. His visit came as the US trade outlook remains uncertain. President Donald Trump's wide-ranging 'Liberation Day' tariffs, unveiled on April 2, have been paused for 90 days, but on June 4, he signed an order doubling tariffs on steel and aluminium imports from 25 per cent to 50 per cent. Singapore's manufacturing sector has already been feeling the strain. On June 2, purchasing managers' index figures showed a second straight month of contraction in factory activity, reflecting the drag from trade instability. Dr Balakrishnan also noted signs of openness from Washington. In May, Deputy Prime Minister Gan Kim Yong said early talks were under way about ensuring semiconductor supply and potentially zero tariffs on pharmaceutical exports. Asked about challenges in engaging US officials, Dr Balakrishnan said: 'They were very welcoming, courteous... I have no anxiety on that front.' But he warned the global order that underpinned Singapore's success — based on free trade and capital flows — is shifting. 'The anxiety is that the world order that had prevailed for 80 years... is clearly changing, and this period of transition is the time of greatest danger.' Singapore must stay alert and ready to adapt quickly, he said. 'It is also important to interact frequently, candidly, openly and constructively with our interlocutors, and especially with a superpower which is of great strategic importance to us,' he added. Before Washington, Dr Balakrishnan visited London, where he met British Foreign Secretary David Lammy to discuss economic ties, strategic issues and potential cooperation.
New Straits Times
3 hours ago
- New Straits Times
US-China renewed dialogue seen lifting Malaysia's trade outlook
KUALA LUMPUR: Renewed trade talks between the United States and China are expected to boost investor confidence and strengthen Malaysia's trade momentum, an economist said. Putra Business School economist Professor Dr Ahmed Razman Abdul Latiff said any move to reduce tariffs between the two economic giants could steady the sails for Malaysia by boosting confidence and trade visibility. "If the US and China agree to resume talks and reach a deal to reduce tariffs on each other, Malaysia's trade environment and investor sentiment will become less volatile and uncertain," he told Business Times. "This would boost investor confidence and encourage continued investment in Malaysia," Razman added, noting that while tensions persist, Malaysia is taking steps to shield its economy. Razman also expects Malaysia's export markets and supply chains to remain competitive, although growth may moderate slightly. This, he said, is supported by ongoing efforts to diversify export destinations, grow the country's trading partnerships and enhance intra-Asean trade. Should US-China negotiations break down again, he said the impact on Malaysia would likely remain limited. "There will be some negative impact but it will be minimum as majority of Malaysia's products such as semiconductor will not be subjected to higher tariffs by the US," he said. Trump and Xi held a 90-minute phone conversation on Thursday, marking their first direct dialogue since Trump resumed office. The call, widely viewed as a positive step towards easing the prolonged trade tensions between the world's two largest economies, laid the groundwork for renewed bilateral cooperation and the resumption of high-level trade negotiations. Both leaders agreed to restart trade talks, with senior US officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, expected to meet their Chinese counterparts. The timing and venue for these negotiations have yet to be finalised but are anticipated to be announced in the coming weeks. Although the call sparked market optimism, US stocks closed lower as a sharp decline in Tesla shares outweighed the positive momentum from progress in US-China tariff negotiations. Tesla shares plunged over 14 per cent in heavy trading as the escalating public feud between Trump and businessman Elon Musk rattled investors, wiping out about US$150 billion in market value. Razman downplayed concerns over the spat saying, "The impact on Malaysia will be minimal, as the fallout primarily affects the SpaceX program and Tesla production."
BusinessToday
4 hours ago
- BusinessToday
Local Yields May Trade Lower On US Optimism
Yields on Malaysian government bonds closed mixed this week, with cautious optimism around global trade and soft US economic data helping to anchor the local fixed-income market. According to Kenanga Research, yields on Malaysian Government Securities (MGS) and Government Investment Issues (GII) moved within a narrow range of -4.2 to +0.9 basis points (bps) across the curve. The benchmark 10-year MGS yield eased 1.6 bps to 3.518% The 10-year GII dipped 0.2 bps to 3.532% Global and Domestic Drivers The slight decline in long-term yields closely followed movements in US Treasuries, which reacted to positive signals in US-China trade negotiations. The improved trade outlook, combined with softer US economic data, has reinforced expectations of an earlier rate cut by the US Federal Reserve. On the domestic front, a modest improvement in Malaysia's Purchasing Managers' Index (PMI) and continued export growth to African markets have supported confidence in local bonds, contributing to the relatively stable yield environment. Outlook: Stable Yields with Eyes on US Inflation Kenanga expects local bond yields to remain stable in the near term, with upcoming economic data — including industrial production, retail sales, and labour market statistics — likely to guide investor sentiment. However, the research house cautioned that any upside surprise in US inflation data could prompt global bond yields to rise, potentially spilling over into the Malaysian market. Additionally, renewed uncertainty in US tariff policy could reintroduce volatility. 'Investors should stay alert to both domestic data and global developments, especially updates on tariff talks,' Kenanga stated. Related
