Vestas Seeks 20 Percent Stake Sale, Cuts 3,000 More Jobs
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Vestas Wind Systems A/S is seeking to sell a stake of as much as 20 percent and said it’s reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years.
The shares fell the most in 10 months after the Danish manufacturer reported a third-quarter loss of 175 million euros ($225 million). That compares with the average forecast for a 20 million-euro profit in a Bloomberg survey of 13 analysts. Vestas is looking for an investor to help it weather falling turbine prices, Chief Financial Officer Dag Andresen said.