07 Nov '12, 3pm

Vestas Seeks 20 Percent Stake Sale, to Cut 3,000 More Jobs

Vestas Seeks 20 Percent Stake Sale, to Cut 3,000 More Jobs

The shares fell the most in 10 months after the Danish manufacturer reported a third-quarter loss of 175 million euros ($225 million). That compares with the average forecast for a 20 million-euro profit in a Bloomberg survey of 13 analysts. Vestas is looking for an investor to help it weather falling turbine prices, Chief Financial Officer Dag Andresen said. “What’s important is that we have investors who understand the company, the segment that we are working in and also have a longer-term view,” Andresen said in an interview from Vestas’s headquarters in Aarhus, Denmark. He and Chief Executive Officer Ditlev Engel declined to discuss talks announced in August about a potential “strategic cooperation” with Mitsubishi Heavy Industries Ltd. Vestas is struggling to return to profit after last year posting its first loss since 2005 as overcapacity in the industry squeezed ma...

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

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