World's largest manufacturer cuts 1,900 jobs and closes UK factory to counter weak demand in northern Europe
Lack of demand for wind turbines is forcing the world's largest turbine producer, Vestas Wind Systems, to cut 1,900 jobs, mainly in the UK and Denmark.
It is to completely close its UK turbine manufacturing plant on the Isle of Wight, with the loss of 450 jobs. The job cuts overall account for 9% of the Danish firm's workforce.
Vestas said that that demand for wind turbines across northern Europe does not match supply levels, despite government drives to boost renewable energy.
Despite the fall in demand, the firm has reported a 70% rise in quarterly profit and a 59% rise in quarterly sales. Profit rose to 鈧�56m (拢50m) for the first three months of 2009, up from 鈧�33m for the same period last year. Quarterly sales hit 鈧�1.11bn.
The company has also announced plans to raise funds through a share issue.
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