AMSC downsizing from Devens office amid financial struggles
Grant Welker
AMSC is downsizing from this Devens office due to financial struggles.
AMSC, an energy grid planning and engineering company, will move out of its Devens offices to save what it says will eventually total $4 million to $5 million annually.
The company, now located at 64 Jackson Road in Devens, plans to move by next April to an unspecified nearby location, it disclosed in a call with investors on Tuesday. With a move of only a few miles, AMSC said it doesn’t expect the relocation to affect employees or its product deliveries.
AMSC, or, formally American Superconductor Corp., has far too much space at its current site, President and CEO Daniel McGahn first told investors this spring. The 16-year-old building has 355,000 square feet and has what McGahn called a first-generation manufacturing process to create a scale of wire that the company has never actually created.
“The fact that the facility is big is an understatement,” McGahn said.
Much less space is needed for more modern manufacturing, he said, and the company doesn’t require as much office space because of personnel reductions. AMSC owns the building, which it values at $23 million to $25 million.
The move comes at a time of transition for the company. AMSC laid off about 30 people this spring, an 8-percent reduction AMSC called substantial.
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