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Wind turbine industry takes a hit

LM Glasfiber announces mass lay-offs in Denmark as a result of the on-going financial crisis. Wind turbine blade producer LM Glasfiber has announced that it is to fire one fifth of its Danish workforce in what is being called the biggest domestic firing-round of recent times. ...‘We believe 2009 will be a year with stagnant growth in the windmill market and LM Glasfiber has a clear case of over capacity,' said Rothausen.

LM Glasfiber announces mass lay-offs in Denmark as a result of the on-going financial crisis.

Wind turbine blade producer LM Glasfiber has announced that it is to fire one fifth of its Danish workforce in what is being called the biggest domestic firing-round of recent times.

The Lunderskov-based company employs 2,200 workers in Denmark and up to 450 of these are to be let go.

Richard Andrew Bevan, LM's general manager for northern Europe, announced yesterday that the lay-offs are a result of customers delaying windmill projects due to a lack of capital.

‘It is always difficult to say goodbye to skilled and engaged workers, but like everyone else, we have also been affected by the financial crisis.'

Bevan told Berlingske Tidende newspaper that the long-term outlook for the wind turbine industry looked promising and the company plans to increase capacity when EU targets for sustainable energy are met.

British private equity fund Doughty Hanson & Co. became principal shareholders in the Danish company in 2001. Four years later they cancelled plans to list LM Glasfiber on the stock exchange.

LM Glasfiber finished out 2007 with a 292 million kroner... more [truncated due to possible copyright]  

LM Glasfiber announces mass lay-offs in Denmark as a result of the on-going financial crisis.

Wind turbine blade producer LM Glasfiber has announced that it is to fire one fifth of its Danish workforce in what is being called the biggest domestic firing-round of recent times.

The Lunderskov-based company employs 2,200 workers in Denmark and up to 450 of these are to be let go.

Richard Andrew Bevan, LM's general manager for northern Europe, announced yesterday that the lay-offs are a result of customers delaying windmill projects due to a lack of capital.

‘It is always difficult to say goodbye to skilled and engaged workers, but like everyone else, we have also been affected by the financial crisis.'

Bevan told Berlingske Tidende newspaper that the long-term outlook for the wind turbine industry looked promising and the company plans to increase capacity when EU targets for sustainable energy are met.

British private equity fund Doughty Hanson & Co. became principal shareholders in the Danish company in 2001. Four years later they cancelled plans to list LM Glasfiber on the stock exchange.

LM Glasfiber finished out 2007 with a 292 million kroner operating loss after a number of problems with Spanish production.

Share analyst Peter Rothausen of FIH Erhvervsbanken said the long-term outlook for the wind turbine industry remained on track, but 2009 looked to be a tough year for both LM Glasfiber and turbine producer Vestas.

‘We believe 2009 will be a year with stagnant growth in the windmill market and LM Glasfiber has a clear case of over capacity,' said Rothausen.

Per Christensen, of the 3F trade union, said it was the biggest firing-round of recent times and called on the prime minister to increase public investment to stave off the financial crisis. (kr)


Source: http://www.cphpost.dk/news/...

JAN 7 2009
http://www.windaction.org/posts/18498-wind-turbine-industry-takes-a-hit
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