EnergyWatch

Vestas CEO rejects plans to reduce staff

Despite downgrading guidance for the full year and taking an investor bashing of DKK 21 billion, Vestas has no plans to lay off staff despite stating that production must be adapted to the market.

Vestas saw its largest share price plunge in six years this Thursday. With a dive of 19.1 percent to DKK 426.6 (EUR 57.3), the wind turbine manufacturer lost around 21.75 percent of its stock market value, which is now almost one third lower than it was six months ago.

The plunge is not because Vestas is selling fewer turbines than before, although this is a concern if the US carries out the plans proposed by the House of Representatives to reduce PTC subsidies.

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