Thursday, September 21, 2017

Nordex to Slash Headcount, CapEx

Posted by September 5, 2017

File Image: an offshore wind farm (CREDIT: Siemens)

Nordex must cut jobs and costs in response to a drop in demand for its wind turbines, the German company announced on Tuesday. It aims to save around 45 million euros by 2018 and trim its workforce by 400-450 jobs, the company said.
 
Nordex last month flagged possible job cuts, citing dropping business volumes in Europe, even as it posted higher-than-expected second-quarter results.
 

In the first six months of 2017, Nordex (NDX1.HA) installed 682 megawatts worth of turbines in Europe, 14 percent less than in the year-earlier period.

 

Reporting by Tom Sims 

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