AMSC, an energy technology company based in Devens, said today it has slashed its work force by about 25 percent and is also consolidating office space to lower operating costs.
The company, citing "challenging conditions" in the wind power market, said it now has about 340 employees worldwide after laying off more than 100 workers.
"Financing and cash flow among wind farm developers and wind turbine manufacturers have been constrained, which has impacted growth plans for some of our ... partners," AMSC chief Daniel McGahn said in a statement. "Given this environment, we made the difficult but prudent decision to reduce our work force in order to weather the industry downturn and minimize our cash usage."
The company expects the moves to reduce annual expenses by nearly $10 million, while lowering its annualized operating expenses to less than $58 million, once the savings are fully realized in the fiscal quarter ending June 30.
The company, which remains in court battles with China's largest wind turbine manufacturer and former customer Sinovel Wind Group Co., said its expects to pay nearly $2 million in cash severance costs in the fourth quarter of this year.
AMSC also revised its financial forecast for the third quarter. Revenues would most likely exceed $20 million while the company's net loss would be less than $24 million, officials said.
AMSC stock, which closed yesterday at $2.77 a share, fell nearly 12 percent to a low of $2.44 today.
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