The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Europe, the Middle East, Africa, Asia Pacific and the Americas
Sector
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
4,400 jobs Number of planned job losses
Announcement Date
7 November 2012
Employment effect (start)
1 October 2012
Foreseen end date
31 December 2013
Description
Danish wind turbine producer Vestas announced plans to cut up to 4,400 jobs across the world, most of which in Europe, Middle East and Africa.
These new cuts come on top of cuts announced earlier this year: in January 2012, the company announced a reduction of 2,335 jobs (see here). The new cuts were announced in August 2012 (1,400 job cuts) and November (3,000 job cuts). Most jobs will be lost in Europe, the Middle East and Africa (55%), but branches in the Asia Pacific (25%) and the Americas (20%) will also be affected by the cuts.
The company stresses that some reductions will happen through divestments, meaning that employees might maintain their jobs under a different employer.
Is is reported that these redundancies are the response to reduced public subsidies for wind power and fierce competition in the market.
Sources
22 August 2012: Financial Times
9 November 2012: Financial Times
22 August 2012: Vestas
7 November 2012: Vestas
Citation
Eurofound (2012), Vestas, Internal restructuring in World, factsheet number 74010, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74010.
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