Courtesy of Registered
Posted on 12/05/2002 11:07:13 AM PST by Willie Green
For education and discussion only. Not for commercial use.
COPENHAGEN, Denmark (AP) — Danish wind turbine producer, Vestas Wind Systems A/S, said Thursday it will cut 533 jobs, or 10 percent of its work force, after lowering sales expectations.
Vestas, which claims 24 percent of the global market for wind turbine sales, said last week that sales for 2002 and 2003 would be lower, primarily because of delays in sales to U.S. customers.
In 2001, the U.S. market represented 40 percent of Vestas' sales, making it the company's biggest market.
On Nov. 26, Vestas' board readjusted expectations for sales in 2002 to approximately 1.3 billion euros ($1.3 billion) from 1.5 billion euros. It expects 2003 sales of 1.7 billion euros ($1.7 billion), down from earlier projections of 2.1 billion euros.
The layoffs will affect mostly production positions, but also administrators at the company's three plants in Denmark.
After the cuts, Vestas, based in Ringkoebing, 205 miles west of Copenhagen, will have about 5,250 workers.
Vestas was founded in 1898 as a blacksmith shop. Through the years it began manufacturing steel window frames, household appliances, agricultural trailers and hydraulic cranes. In 1979, it began producing wind turbines.
Its core business is windmills. In 2001, the company had sales of 9.5 billion kroner ($1.3 billion)
Who says posting layoff articles is all "doom and gloom"???
We need more nukes!
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