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Wind turbine giant Vestas cuts 3,000 jobs | Wind turbine giant Vestas cuts 3,000 jobs |
(about 6 hours later) | |
Vestas, the world's largest wind turbine maker, has announced plans to cut 3,000 jobs because of weak demand, around 15% of its global workforce. | |
The Danish company also reported net profits of 126m euros ($177m; £111m) for the three months to the end of September, 24% down on the same period last year. | |
Most of the job cuts will be made in Denmark and Sweden. | Most of the job cuts will be made in Denmark and Sweden. |
Shares in Vestas slumped by more than 11% as a result of the announcement. | |
The company said it would book between 140m and 160m euros of one-off costs related to the job cuts in the next quarter, mainly covering property and plant. | |
Vestas said this would keep it on track to meet full-year forecasts. | Vestas said this would keep it on track to meet full-year forecasts. |
Despite the growing global interest in wind power from countries as widespread as China, Cape Verde and the UK, Vestas made a loss in the second quarter and cut its sales forecast. | Despite the growing global interest in wind power from countries as widespread as China, Cape Verde and the UK, Vestas made a loss in the second quarter and cut its sales forecast. |
Vestas' chief executive, Ditlev Engel, said it had become cheaper to build a wind turbine in Spain than in Denmark. | Vestas' chief executive, Ditlev Engel, said it had become cheaper to build a wind turbine in Spain than in Denmark. |
The UK Prime Minister, David Cameron, said this week that the country needed thousands of massive wind turbines and the government would provide up to £60m to meet the needs of offshore wind infrastructure. | The UK Prime Minister, David Cameron, said this week that the country needed thousands of massive wind turbines and the government would provide up to £60m to meet the needs of offshore wind infrastructure. |
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