Sponsored by Forest Grove Economic Development
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

Oregon Business wins awards

News
Monday, June 30, 2014

ASBPEOregon Business magazine won two silver awards for excellence in writing in the National American Society of Business Publication Editors Western region competition.


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...

The business of running a food cart

News
Thursday, June 05, 2014
OBM1BY HANNAH WALLACE | OB BLOGGER

What does it take to launch and run one of these mobile food businesses?  


Read more...

Who said we should sell in May?

Contributed Blogs
Friday, July 18, 2014
BullMarketBY JASON NORRIS | OB GUEST CONTRIBUTOR

Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”


Read more...

Why I became an Oregon angel investor

Guest Blog
Monday, July 14, 2014
AngelInvestBY TERRY "STARBUCKER" ST. MARIE

I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.


Read more...

Interview: Dr. Mark Goulston

Contributed Blogs
Thursday, July 10, 2014
JustListenBY TOM COX | OB BLOGGER

Tom Cox interviews Dr. Mark Goulston, author of Just Listen, Discover the Secret to Getting Through to Absolutely Anyone.


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