Wind and grid sector solutions provider American Superconductor Corp. (AMSC: Quote), Wednesday slashed its workforce by 25 percent in order to cut costs amid weakness in the wind power market.
The company has cut its outlook for the third quarter, as a result of anticipated wind turbine electrical control system shipment delays to certain of its Windtec Solutions partners.
AMSC said the job cuts span all of its major geographic locations and functions, leaving the company with about 340 employees. The company expects the action to reduce its annualized expenditures by about $10 million and will lower its annualized operating expenses to less than $58 million once the savings are fully realized in the fiscal quarter ending June 30, 2013.
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via American Superconductor Cuts 25% Jobs, Lowers Q3 Guidance – Update.
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