Among the world's major wind energy firms will implement significant staff reductions in the coming years period, affecting approximately a quarter of its employees.
Scandinavian wind energy giant aims to cut about 2K roles from its 8,000-person team by through 2027, using a combination of redundancies, voluntary departures and selling off portions of its operations.
The organization, that employs in excess of 1,200 workers in the Britain, intends to make 500 redundancies before year-end, with 235 positions in its home market.
This move comes weeks following administrative actions in the US led to the firm's share price to plunge to historic low levels when development was stopped on a nearly completed sea-based wind project.
The company, which is half owned by the Denmark's government, was obliged to raise in excess of $9 billion following political resistance in the US rendered it more difficult to attract funding for its pipeline of projects.
The directive to stop operations delivered a blow to the organization, which recently this year cancelled plans to develop a the United Kingdom's largest offshore wind farms, explaining it not anymore represented financial feasibility because of elevated price rises and rising expenses in the market's global supply chain.
Although a American legal authority last month allowed the company to restart operations on the development, the firm plans to refocus its operations on the EU's sea-based wind sector – and certain markets in Asia – once it has finished its current portfolio of international developments.
Our group needs to be "better optimized and flexible," said the CEO in a latest statement.
The executive explained: "This is a required outcome of our choice to focus our business and the situation that we'll be completing our significant construction pipeline in the coming years period – that's why we'll have to have less staff."
At the same time, we intend to build a more efficient and agile company and a more competitive company, ready to compete for new profitable coastal wind developments.
The organization's market value has risen slightly since it declined to record low points in August, but continues to be 53% down versus this time last year.
The firm's market value declined to 119 Danish kroner recently, down nearly three percent from the previous day.
A tech enthusiast and writer passionate about emerging technologies and their impact on society, with a background in software development.
News