American Superconductor Corporation (AMSC) has announced that it has reduced its global workforce by approximately 30 per cent and its annualized expenses by approximately US$ 30 million since March 31, 2011.
These reductions were made to better align costs with the company's revenue expectations, which have been affected by business and contractual issues with AMSC's largest customer, Sinovel Wind Group Co., Ltd. AMSC expects to report a significant net loss on revenues of less than US$ 10 million for the fiscal quarter ended June 30, 2011. As part of the action described above, the company announced that it is eliminating 150 positions across the organization. Upon completion of the action, AMSC expects to employ nearly 600 people worldwide.
These reductions were made to better align costs with the company's revenue expectations, which have been affected by business and contractual issues with AMSC's largest customer, Sinovel Wind Group Co., Ltd. AMSC expects to report a significant net loss on revenues of less than US$ 10 million for the fiscal quarter ended June 30, 2011. As part of the action described above, the company announced that it is eliminating 150 positions across the organization. Upon completion of the action, AMSC expects to employ nearly 600 people worldwide.
