News
Vestas drops Sheerness plant after lack of orders
June 22, 2012 by Mette Fraende and Oleg Vukmanovic in Reuters
June 22, 2012 by Mette Fraende and Oleg Vukmanovic in Reuters
Danish wind turbine maker Vestas Wind Systems has dropped plans to build a factory in Britain after no orders were been signed for the turbines that were to be produced there, dealing a blow to the country's wind energy sector.
Vestas ends plans for UK offshore wind plant in Sheerness
June 22, 2012 by Ben Backwell in Recharge News
June 22, 2012 by Ben Backwell in Recharge News
With its own deployment plans slowing, Vestas is likely to have been unwilling to continue paying to retain first call on the facility for an extended period.
It received local planning approval for the proposed plant in May this year. ...The company has always said that a final decision on the factory would be dependent on receiving firm and unconditional orders for its turbine.
Vestas ends severance pact with CFO; deals cited
October 3, 2012 by Dominic Chopping in Market Watch
October 3, 2012 by Dominic Chopping in Market Watch
Denmark's Vestas Wind Systems A/S , the world's largest manufacturer of wind turbines, said it has terminated its former Chief Financial Officer's severance deal after it emerged he has cost the company up to 18 million euros from unauthorized deals in India.
Is Vestas Wind Systems' guidance just a lot of hot air? Despite a set of weak second-quarter results on Tuesday, with profits down 34% over the year, the Danish wind-turbine company maintained its full-year guidance of an 11%-13% pre-tax, pre-interest profit margin on sales of 7.2 billion euros ($10.2 billion). The company backed this up with talk of green shoots, as well as the promise of 4.4 billion euros ($6.2 billion) in upcoming orders, but not everyone was convinced.
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Vestas falls as markets day fails to deliver: Copenhagen Mover
October 3, 2012 by Peter Levring in Bloomberg News
October 3, 2012 by Peter Levring in Bloomberg News
“Margins and pricing continue to remain pressured across the sector which, along with policy uncertainty such as the renewal of the U.S.’s production tax credit, have weighed on the wind industry.” James Evans, solar and wind analyst at Bloomberg Industries.
Vestas falls on report of debt restructuring with HSBC, RBS
July 2, 2012 by Sally BakewellJul in Bloomberg News
July 2, 2012 by Sally BakewellJul in Bloomberg News
Vestas along with rivals General Electric Co. and Siemens AG is struggling with declining turbine prices and excess capacity as nations from the U.S. to Germany rein in support for renewable energy. The company detailed restructuring plans in January after issuing a second profit warning in three months.
Vestas finance director goes as profits plunge
February 7, 2012 by Michael Stothard in Financial Times
February 7, 2012 by Michael Stothard in Financial Times
The Danish company reported an operating loss of €60m for 2011, even worse than the zero profit predicted in a profit warning last month, sending the shares down another 11 per cent.
Vestas announced on Wednesday that Henrik Norremark, chief financial officer, had resigned after “briefing the board on the conditions that led to the profit warning”.
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Vestas future questioned after profit forecast cut twice since October
January 3, 2012 by Sally Bakewell in Bloomberg Businessweek
January 3, 2012 by Sally Bakewell in Bloomberg Businessweek
"Investors are willing to see a new management on board because the current one has no more credibility," Desmaretz said. "Vestas struggled to deliver according to its plan and that is the main problem."
The stock closed down 19 percent.
Vestas has bigger-than-expected quarterly loss as European demand weakens
May 4, 2011 by Christian Wienberg and Alex Morales in Bloomberg News
May 4, 2011 by Christian Wienberg and Alex Morales in Bloomberg News
Vestas Wind Systems A/S, the world's largest wind-turbine maker, reported a bigger-than-expected loss in the first quarter as Europe's debt crisis slowed clean-energy investment. The shares fell the most since October.
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Vestas in $32m currency row with Argentine wind developer
September 12, 2012 by Christiana Sciaudone in Recharge News
September 12, 2012 by Christiana Sciaudone in Recharge News
Genneia wants to pay an outstanding balance in Argentine pesos, instead of euros or US dollars, as Vestas claims was agreed - a move that could leave the turbine group facing a heavy currency exchange loss on the more than $32m it says it is still owed.
Vestas in line for 'Trump row' offshore wind test site
August 7, 2012 by Ben Backwell in Recharge News
August 7, 2012 by Ben Backwell in Recharge News
If it receives final approval, EOWDC - which is the focus of a furious row between Trump and the Scottish government over its effect on views from his golf course - will allow wind equipment manufacturers to put their next-generation machines through their paces in Aberdeen Bay.
Vestas in talks on Colorado factory sale amid operations overhaul
March 12, 2013 by Clemens Bomsdorf in Dow Jones Business News
March 12, 2013 by Clemens Bomsdorf in Dow Jones Business News
After a tough year marked by profit-warnings and job cuts, Danish wind turbine maker Vestas Wind Systems A/S (VWS.KO) is looking to overhaul its business model by fostering closer ties with parts suppliers and concentrating its own activities on higher margin turbine engineering and design and service of wind power plants.
Current and former executives at the wind turbine producer's Spanish subsidiary are accused of fraud
Wind turbine maker Vestas has been defrauded for around 90 million kroner by employees of its Spanish subsidiary Vestas Eólica, according to a company press release.
Vestas issues more layoffs in Colorado, ends work-share program
February 22, 2013 in North American Windpower
February 22, 2013 in North American Windpower
Less than two months after launching a work-share program designed to retain employees at three of its Colorado manufacturing facilities, Vestas has announced that it is laying off a total of 110 workers at its blade factories in Windsor and Brighton, Colo. ...Earlier this month, Vestas said it expects to lay off another 1,800 employees globally by the end of this year.
The Danish wind giant is dealing with fallout from a fire on one of its turbine models. A number of operating turbines were paused following the fire, and the company responded to media questions this week.
The economic crisis has slowed the market for wind turbines and has resulted in Vestas expecting to cut jobs.
According to Vestas CEO Ditlev Engel in an initial Q1 report, the company is expected to lay off some 1,900 employees, primarily in Denmark and the United Kingdom.
Vestas lays off 114 in U.S. on soft demand for wind turbines
February 12, 2010 by Brent Hunsberger in The Oregonian
February 12, 2010 by Brent Hunsberger in The Oregonian
Vestas Americas, the sales and service arm of Danish wind-turbine maker Vestas Wind Systems, cut 114 positions on Wednesday, or 6 percent of its North American work force, because of softening demand for renewable energy projects, a spokeswoman confirmed.
Among the cuts were 15 positions at its North American headquarters in Portland.
Revenue for the quarter fell to $997 million from $1.5 billion the same period last year. The $108 million loss compares to earnings of nearly $74 million a year ago.
Vestas shipped 178 wind turbines in the quarter, down 64 percent.
The deals signed last year, which Vestas says were "in violation of the company's internal provisions" and its interests, have definitely lost the company €4 million and may have lost a further €14 million.
Vestas loses wind turbine market lead to GE after 12 years
February 11, 2013 by Alex Morales in Bloomberg News
February 11, 2013 by Alex Morales in Bloomberg News
The ranking is a blow to Aarhus, Denmark-based Vestas, which first took the top spot in 2000, when it supplanted NEG Micon A/S, a Danish rival that it later bought. Vestas last week posted its second consecutive annual net loss and said it's in the middle of two "extremely difficult years," during which it's cutting about 30 percent of its workforce.
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