Sponsored by George Fox University
Home Must Reads Vestas slashes jobs

Vestas slashes jobs

| Print |  Email
Must Reads
Friday, January 13, 2012

Despite the company's recent growth, renewable energy industry woes hit Vestas this week, and the wind turbine maker plans 2,335 layoffs.

Vestas Wind Systems will cut about a tenth of its worldwide work force, slashing costs by $190 million before year's end. Layoffs will include 182 in the United States and Canada, including an undetermined number in Portland, where Vestas is a subsidized star in the city's green galaxy. Managers said another 1,600 Colorado factory jobs could be axed later this year if a federal tax credit for renewable energy is not extended.

Like SolarWorld, the German company with 1,000 workers in Hillsboro, Vestas is caught between low-cost competition from China and declining European subsidies for alternative energy. Europe's financial crisis compounds pressure, curbing power demand and raising the cost of credit.

The extent of the cuts appeared to catch Vestas' Portland office by surprise. On Tuesday, Vestas-American Wind Technology Inc., which employs nearly 400 in Portland, had issued an update reporting a strong 2011 sales year and describing plans to hire 150 for U.S. and Canadian sales and service.

Read more at OregonLive.com.

{biztweet}vestas{/biztweet}

 

Comments   

 
Dan Reid
0 #1 Electrical Windmill productionDan Reid 2012-01-16 11:14:28
Without government subsidies, this technology is a losing proposition! There are better ways to invest in technologies that actually are sound, proven and verifiable! The wind generation electricity is a "eco-friendly" hoax that is a waste of money!
Quote | Report to administrator
 

More Articles

OB Video: Dress for Success

News
Wednesday, July 02, 2014
DFSOBY JESSICA RIDGWAY | OB WEB EDITOR

Dress for Success Oregon promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.


Read more...

Oversight? Or gaming the system?

News
Monday, July 14, 2014
AmazonBY VIVIAN MCINERNY | OB BLOGGER

Some people think Amazon’s winking eye logo is starting to look like a hoodwink.


Read more...

Risks & rewards of owning triple net investments

Contributed Blogs
Thursday, July 24, 2014
NNNinvestmentBY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR

With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.


Read more...

13 West Coast seafood species now 'sustainable'

News
Tuesday, June 03, 2014

Fishing OrBiz Fishing 0357 ADOBErgbCiting the transition to catch shares management as a key to rebuilding stocks and reducing bycatch, 13 species caught by the West Coast trawl fishery today earned designation from the Marine Stewardship Council (MSC) as sustainable.


Read more...

The global challenge

News
Friday, June 27, 2014
062714 thumb globalmarketBY JASON NORRIS | OB BLOGGER

Over the last several months we have seen a wave of cross-border acquisitions, primarily U.S.-based companies looking to purchase non-U.S.-based companies. There are a few reasons for this, but the main culprit is the U.S. corporate tax system. The United States has one of the highest corporate tax rates in the world.


Read more...

OB Video: Building trade ties with the EU

News
Monday, June 16, 2014
BritEmbCampionBY KIM MOORE | OB RESEARCH EDITOR

The Oregon economy could get a boost from a new trade agreement being negotiated between the U.S. and the European Union.


Read more...

Understanding Oregon medical marijuana dispensary tenants

News
Friday, June 13, 2014
061314 thumb grassrentBY CLIFF HOCKLEY | OB GUEST BLOGGER

This article summarizes the key considerations a building owner must keep in mind when thinking about leasing to a medical marijuana dispensary.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS