This page contains a single entry from the blog posted on October 9, 2012 5:06 PM. The previous post in this blog was Dear Charlie. The next post in this blog is Message. Many more can be found on the main index page or by looking through the archives.

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Tuesday, October 9, 2012

80 more pink slips at Vestas

One wonders how long they will keep a Portland office open if they keep doing this.

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Jobs Blow Away as Congress Fails to Act on Wind Energy

The Pacific Rim location might be the Portland office's lifeline:

Vestas Gains as Denmark Commits to Renewables

Vestas Wind Systems A/S (VWS), the world’s biggest wind turbine maker, topped gainers in Copenhagen as Danish Prime Minister Helle Thorning-Schmidt said tough economic conditions shouldn’t deter investment in renewable energy.

Vestas rose as much as 2.9 percent, the biggest increase of stocks in the benchmark OMX Copenhagen Index. (KFX) Shares in Aarhus, Denmark-based Vestas gained as much as 1.1 kroner and rose 0.59 krone, or 1.6 percent, to 37.91 kroner at 11:01 a.m. local time.

“Even though we’re in an economic crisis, this is the time to invest in green jobs,” Thorning-Schmidt said in a Bloomberg Television interview today. Dependency on oil will be “extremely expensive” in the future, and “that is why we’re turning to be more dependent on wind energy and solar energy.”

Vestas faces declining demand in Europe and the U.S. and even higher sales in emerging markets won’t be enough to make up for lost revenue in the company’s main markets, Chief Sales Officer Juan Araluce said Oct. 3. The turbine maker is firing about 16 percent of its employees worldwide and consolidating its U.S. research and production in Brighton, Colorado. Vestas will also close similar facilities in Singapore and Denmark as part of a global push to trim its operations.

Vestas Chief Executive Officer Ditlev Engel said the company is looking to Asia for growth and sees “good opportunities” in China, South Korea and Japan. Vestas is also sticking to its guidance to deliver a positive free cash flow this year, Engel said in an interview in Copenhagen today.

Con't at http://www.bloomberg.com/news/2012-10-08/vestas-gains-as-denmark-commits-to-renewables-copenhagen-mover.html

They'll have an office here as long as the Portland taxpayer/ratepayer is forced to keep it here for appearances sake.

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