Maxeon Solar to set up alternative supply chains amid tariff turmoil
Companies
Maxeon Solar Technologies Ltd
April 4 (Reuters) - Renewable energy company Maxeon Solar Technologies (MAXN.O), opens new tab said on Friday it would establish alternative manufacturing and supply chains as a result of U.S. President Donald Trump's sweeping tariffs.
Shares of the company were up 4.6% in trading after the bell.
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The move comes amid an intensifying global trade war after Trump on Wednesday imposed a 10% baseline tariff on all U.S. imports, along with higher duties on dozens of other countries.
Maxeon said the new tariffs and trade barriers were applicable to its legacy cell and module manufacturing facilities.
The company added it would continue to prioritize the development of its Albuquerque-based manufacturing facility as well as identifying additional domestic component vendors.
"Domestic manufacturing is the right thing to do, regardless of tariffs," said CEO George Guo.
The company is also locked in a dispute with the U.S. Customs & Border Protection (CBP), which began to detain Maxeon's solar panels in July last year, citing the Uyghur Forced Labor Prevention Act (UFLPA).
The California-based firm said on Friday the CBP had denied its request to further review the continued detention of its modules and added that it was considering exercising its right to contest CBP's decision at the U.S. Court of International Trade to demonstrate that its products fully comply with the UFLPA.
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