Denmark’s Vestas Wind Systems A/S is the world’s largest maker of wind turbines, and its about to get smaller. Last week the company warned on earnings for 2012 and said that it planned to trim €150 million in expenses by the end of the year.
The quickest way to do that, of course, is to fire people and that’s what Vestas has announced. The company will reduce its workforce by 10%, about 2,235 workers. Vestas also said that if a US production tax credit is not extended by the end of the year, another 1,600 US workers will be fired.
The company lowered its revenue estimates by €1 billion, cut its EBIT margin estimate to zero, and dropped its sales target of €15 billion by 2015. Vestas also shuffled some managers upstairs to the executive suite.