SunEdison Cuts Factories, Jobs in Attempt to Stay Afloat

In the wake of a massive acquisition binge gone wrong and a stock that’s plummeted in recent months, beleaguered clean energy company SunEdison is closing factories and cutting jobs in an attempt to right itself. On Thursday SunEdison SUNE 1.40% announced it plans to sell its silicon wafer factory in Malaysia, close a silicon factory in Texas, and restructure its operations in Oregon. The changes will add a charge of $435 million to SunEdison’s fourth quarter earnings, and eliminate 220 jobs. As a result of the announcement, SunEdison’s shares sunk more than 11% to $1.49 in morning trading. That’s a small fraction of its stock price, which traded at a high of $33.45 last summer.