Vestas shuts Chinese turbine plant as demand cools
Vestas' Chief Executive Ditlev Engel said the group had to get accustomed to no longer operating in a growth industry. He is under intense pressure to deliver a promised turnaround and restore investors' confidence, which analysts say will take time.
June 25, 2012
by Mette Fraende
COPENHAGEN -- Vestas, the world's biggest wind turbine manufacturer, is closing a factory in China with the loss of up to 350 jobs, it said on Monday, just three days after scrapping plans for a factory in Britain as demand slides.
* Vestas to stop production at Hohhot plant, cut jobs
* Sees low demand for small turbines
* Analysts say winning back investor confidence will take time
* Shares near year low
Once a darling of investors, the renewable energy sector is struggling in the global economic slowdown as support for wind power and other renewable sources has been hit... [continue via Web link]