American Superconductor To Shed 30% Of Workforce
Devens-based American Superconductor announced in a public filing this morning that it will reduce its total workforce by 150, effective immediately.
The layoffs come after a smaller round announced in late May. The company has reduced its workforce by 30 percent since a major customer refused to accept a large order on March 31. The company also said it has cut $30 million in costs since that date. It expects to incur between $3 million and $4 million in charges for employee severance.
Daniel McGahn, AMSC president and CEO, said in a press release that the move is aimed at bringing costs in line with revenue expectations, which have been revised downward since China-based customer Sinovel Wind Group refused to accept contracted shipments.
"These workforce reductions are necessary to maintain the health of the business in the wake of our business and contractual issues with Sinovel," McGahn said.
With the layoffs, American Superconductor said it now employs nearly 600. The company had 183 employees in Central Massachusetts as of Aug. 3, according to a Worcester Business Journal survey. The company did not say if the layoffs would affect those employees.
WBJ Web Partners
Most Recent
Most Recent
0 Comments