LM Wind Power

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Denmark, Poland, Turkey
Sector
Manufacturing
(28) Manufacture of machinery and equipment
28.1 - Manufacture of general-purpose machinery
28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
1,000 jobs
Number of planned job losses
Job loss
Announcement Date
9 April 2024
Employment effect (start)
9 April 2024
Foreseen end date

Description

The wind turbine blade manufacturer LM Wind Power, a subsidiary of the General Electric Vernova, has announced that it will cut 1,000 jobs worldwide.

So far, the company revealed that the layoffs will affect jobs in Denmark, Poland and Turkey. In Denmark LM Wind Power-2024-DK, about 170 positions will be cut by the end of April 2024, while in Poland LM Wind Power-2024-PL about 200 jobs will be cut. The sources also report that GE Vernova is to close a blade factory in Turkey and cut about 700 positions.

GE Vernova is to downsize its renewable energy business and cut down production of wings. After the restructuring programme, LM Wind Power is expected to be a leaner, smaller and more profitable division within GE Vernova over the coming months.

GE Vernova took over LM Wind Power in 2017, but has not been able to make a surplus except for in 2019. LM Wind Power produces windmill wings. The company employs more than 10,000 people worldwide.

Sources

Citation

Eurofound (2024), LM Wind Power, Internal restructuring in World, factsheet number 201104, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201104.