Posted by: VM | 30 October 2010

Vestas shed (move) 3,000 jobs from Scandinavia (to Spain)


  1. Vestas
    Published: October 26 2010 15:01 | Last updated: October 26 2010 16:30

    Ditlev Engel, the chief executive of Vestas, quietly thinks his company has never been more strongly positioned than now. That may seem strange. The world’s largest maker of wind turbines on Tuesday unveiled a loss of €0.37 per share for the nine months to September, and announced a 15 per cent reduction in the workforce. The company blames the 3,000 staff cuts on a gloomy industry outlook. It says it expects next year’s orders to be one-eighth less than the 8,000-9,000 megawatts worth of turbines it is counting on for 2010.

    But the expectation of falling orders cannot easily be squared with another: the company expects at least to maintain market share in a growing global wind power industry. Nomura expects an almost 15 per cent increase in global installations in 2011 – double-digit growth in the Americas and Asia, where more than half Vestas’ orders originate. In Europe, the UK and Germany will pick up some of the slack from the recession and reduced subsidies in countries such as Spain.

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