Vestas cutting another 3,000 jobs

Vestas cutting another 3,000 jobs

Vestas Wind Systems plans to sell a 20% stake and cut another 3,000 jobs, more than doubling the number of cuts by 2013.

The world's biggest wind turbine-maker said Wednesday that its third-quarter loss widened to 175 million euros ($225 million), compared with a loss of 60 million euros in the year-ago period. Analysts had forecast net income of 20 million euros, according to a Bloomberg survey.

Vestas, struggling to return to profit as overcapacity has squeezed margins, will trim its workforce to 16,000 by the end of next year, versus 22,721 in 2011, bringing its annual fixed cost savings to 400 million euros by the end of 2013. The company did not provide a regional breakdown of the job cuts.