Vestas to cut 450 U.S. jobs on lower short-term demand
9:01 am Wednesday, February 17th, 2021
COPENHAGEN (Reuters) – Vestas said on Wednesday it would reduce its production capacity in United States, which entails cutting 450 positions in three factories across Colorado, as the company cited lower near-term demand.
“With a larger fleet under service and lower demand in the near-term, we are therefore consolidating our setup in Colorado,” Chief Operating Officer Tommy Nielsen said in a statement.
Shares in Vestas were down 1.28% at 1334 GMT in Copenhagen.
The world’s largest wind turbine maker is banking on the large U.S. market, as the new Biden administration has touted the need for clean energy sources and the need to re-enter the United States into the Paris climate agreement.
This month CEO Henrik Andersen told Reuters he “could not be more excited about the outlook” in the United States.
The company continues to have four production sites in the United States, its biggest market by revenue, it said.
Vestas expects to offer new roles elsewhere in the business to 150 of the affected employees.
(Reporting by Nikolaj Skydsgaard; editing by Edmund Blair and Jason Neely)
