SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2015

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16—SUBSEQUENT EVENTS

In July 2015, the Company determined to cease production at its Malaysian facility effective August 2, 2015, following a recent decision by the Company’s largest customer in Malaysia to exit from its OEM module production in Malaysia. The Company expects to continue to fulfill orders to this customer from its Spain and China facilities. Other factors contributing to the decision to close the facility include underutilization, increasing costs in Malaysia resulting from the recent introduction of a Goods & Services Tax, and the newly launched investigation by the European Commission that may result in anti-dumping and countervailing duties on solar cells and modules consigned from China and assembled in Malaysia and Taiwan. Raw material inventory at the Company’s Malaysia facility will be transferred to its Spain and China manufacturing facilities. The Company has engaged advisors to sell the Malaysia facility and its production and ancillary equipment. The Malaysia real estate was recently appraised at approximately $8,000. In connection with the shut-down and sale of the Malaysia facility, the Company expects to incur approximately $1,000 to $1,500 of associated non-recurring costs during the second half of 2015, and the Company further expects to generate approximately $2,400 of associated annual pre-tax savings.