Wind turbine-maker Vestas Wind Systems is to cut 1,900 jobs - mainly in the UK and Denmark - despite reporting a 70% rise in quarterly profits.
It will be closing its UK turbine plant on the Isle of Wight, cutting 450 jobs.
The Danish firm blamed the headcount reduction, which represents 9% of its workforce, on market oversupply.
It came as Vestas reported a net profit of 56m euros ($73m; £50m) for the first three months of 2009, up from 33m euros for the same period last year.
The company also said it planned to raise funds through a share issue.
Vestas said that supply of wind turbines exceeded demand in Northern Europe, despite the drive of governments including Germany and the UK to increase the amount of electricity generated by green energy alternatives.
(Click to read entire article)
No comments:
Post a Comment