March 29, 2007
Amer. Superconductor cuts 37, leaves Westboro
By Matthew L. Brown
In what it calls a "drive to profitability," American Superconductor Corp. will leave its facility in Westboro, immediately cut 37 jobs in Massachusetts, and consolidate some divisions.
Operations from the company's Westboro SuperMachines facility will be moved to the company's 355,000-square-foot facility in Devens as of Saturday.
The company plans to write off the six months remaining on its Westboro lease.
According to the company, letting 37 employees go accounts for about 13 percent of the company's total workforce.
American Superconductor said the staff cuts and consolidation of its AMSC Wires, SuperMachines and Power Electronic Systems divisions into two divisions would save the company $4 million by March 31, 2008.
The company widened its fiscal year 2007 loss guidance to between $32 million and $34 million. It had previously expected a loss between $29 million and $32 million.
The company blamed a $1.1 million fourth quarter restructuring charge and severance charges of about $200,000 for the increase in expected losses.
The company said it expects to report revenue between $50 million and $52 million for the fiscal year ending Saturday.
Operations from the company's Westboro SuperMachines facility will be moved to the company's 355,000-square-foot facility in Devens as of Saturday.
The company plans to write off the six months remaining on its Westboro lease.
According to the company, letting 37 employees go accounts for about 13 percent of the company's total workforce.
American Superconductor said the staff cuts and consolidation of its AMSC Wires, SuperMachines and Power Electronic Systems divisions into two divisions would save the company $4 million by March 31, 2008.
The company widened its fiscal year 2007 loss guidance to between $32 million and $34 million. It had previously expected a loss between $29 million and $32 million.
The company blamed a $1.1 million fourth quarter restructuring charge and severance charges of about $200,000 for the increase in expected losses.
The company said it expects to report revenue between $50 million and $52 million for the fiscal year ending Saturday.
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