Wind turbine giant Vestas to slash 2335 jobs

17/01/2012 00:26 Renewable

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Vestas, the world's largest wind turbine manufacturer based in Denmark, has recently announced its plans to slash 2335 jobs as part of a restructuration and cost reduction program. Over half of the jobs being cut will be in Denmark, where the company is based.

This move comes just over a week after Vestas reported its preliminary end of the year revenues for 2011 which, despite reaching approximately EUR 6 billion, were down EUR 1 billion from previous estimates. Vestas stated that it envisages the reduction of fixed costs by €150 million, primarily through rationalizing support and closing factories where there is less market demand. The group warned that beyond those redundancies, another 600 employees in the United States may be fired if a tax credit was not extended. Vestas expanded rapidly until the economic downturn slowed investments in wind power. In addition, it has lost market share to Chinese competitors.

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