Maxeon Says Solar Panel Shipments Still Being Detained by US Customs

MT Newswires Live11-14

Maxeon Solar Technologies (MAXN) shares fell past 2% in early trading Thursday after the company said that its solar panels continue to be detained and blocked from being imported into the US from its plants in Mexico by the US Customs and Border Protection.

Maxeon said CBP officials have alleged a "lack of sufficient documentation" to prove the company's compliance with the Uyghur Forced Labor Prevention Act (UFLPA), which prohibits the importation of goods made with forced labor in the Xinjiang Uyghur Autonomous Region of China.

Maxeon said it "vehemently refutes" the allegation and has provided CBP officials with "thorough traceability documentation of its clean supply chain."

Three separate Maxeon products made in Mexico for use in the US were first detained in early July, and since then, all shipments have been blocked, Maxeon said, adding these products and their supply chains are not covered by the UFLPA because they were produced outside Xinjiang Uyghur.

Price: 13.15, Change: -0.37, Percent Change: -2.74

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