Vestas Cuts 1,400 More Jobs on Forecast for Shipments Drop: Vestas Wind Systems A/S is cutting an additional 1,...

Wind Power Company Vestas Cuts 1,400 More Jobs | Renewable Energy News Article

renewableenergyworld.com 22 Aug '12, 3pm

Vestas Cuts 1,400 More Jobs on Forecast for Shipments Drop: Vestas Wind Systems A/S is cutting an additional 1,...

The world’s biggest maker of the machines said it expects to have 19,000 employees at the end of the year, down 16 percent from the end of last year. It’s still considering whether to eliminate 1,600 jobs in the U.S., which depend on a tax credit that expires this year. “We are now intensifying this which means we will get to about 3,700 job cuts before year-end,” Vestas Chief Executive Officer Ditlev Engel said today in an interview on Bloomberg Television’s “On the Move” show with Francine Lacqua. “That’s preparing for what we expect to be quite a tough 2013.” Engel said he could “never rule out” more reductions. Vestas is suffering from increased competition from rivals such as Nordex SE in Germany and Xinjiang Goldwind Science & Technology Co. Ltd. in China at the same time governments from the U.S. to Europe are slashing subsidies. Losses for the first half widened to...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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