Danish Wind Firm Vestas Cuts 1,900 Jobs

However Q1 profit rose 70%

The world's biggest wind energy group, Vestas of Denmark, said on April 28 it would cut 1,900 jobs in northern Europe due to slumping demand, and posted a 70% rise in first-quarter net profits.

Vestas cited "overcapacity" in its northern European plants, which produce wind turbines for American markets, and said there was also not enough demand in Europe to match current production, making layoffs necessary.

The group said its net profits in the first quarter of 2009 were 56 million euros (US$73 million), up 70% on the previous quarter, beating analysts' forecasts.

Copyright Agence France-Presse, 2009

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish