COPENHAGEN, Denmark (AP) — Vestas Wind Systems A/S, the world's biggest maker of wind turbines, says it is slashing 7 percent of its workforce in its second round of lay-offs this year.
The western Denmark-based group says the job cuts of 1,400 workers will help it reduce fixed costs by more than €250 million ($310 million) as it deals with stiff competition and a market slowdown.
It was not immediately clear where the ax would fall, but Vestas has already announced some lay-offs in the United States. In January, the company trimmed its workforce by 2,335 jobs worldwide. It currently has 20,400 staff.
Wednesday's announcement came in conjunction with Vestas' second-quarter earnings report which showed a net loss of €8 million, down from a profit of €55 million in the same period last year.