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United States

AMSC announces further job cuts

UNITED STATES: Troubled wind turbine component supplier AMSC has announced plans to reduce its staff by 20%, on top of the 30% cuts it announced in August.

AMSC said the decision was made as part of its effort to return to profitability. The company has been struggling as a result of its dispute with former-customer Sinovel.

The decision follows a similar move in August when AMSC chief executive Daniel McGahn announced the company would be cutting its workforce by 30%.

Following both restructures, AMSC will have around 400 employees worldwide.

Speaking about the decision, McGahn said: "The decision to reduce our workforce was difficult, but it is the most prudent course of action given today’s macro environment.

"We believe our new cost structure will enable us to reduce our cash usage and position AMSC for sustainable profitability even if the challenges facing the renewable energy industry and the broader global economy persist."

For more, see: AMSC v Sinovel

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