The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
400 jobs Number of planned job losses
Announcement Date
20 April 2020
Employment effect (start)
20 April 2020
Foreseen end date
Description
The Danish windmill producer Vestas, announced on 20 April 2020, it will cut 400 positions due to the economic effects of the COVID-19 pandemic. The company has also informed that the management will have a wage decrease of 10% until the end of 2020. The redundancies will primarily affect locations in Denmark, while a limited number of redundancies will perhaps hit other locations in Europe.
The company's CEO explained that the business is in a period of high uncertainty, and by making this strategic decision, the company will maintain competitiveness in the future.
Vestas has around 5,000 employees in Denmark and around 24,300 worldwide.
Eurofound (2020), Vestas, Internal restructuring in Denmark, factsheet number 100381, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100381.
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