COPENHAGEN, Denmark — Vestas A/S, the world's biggest maker of wind turbines, has posted a 24 per cent drop in third-quarter earnings and says it will lay off some 3,000 workers in Denmark and Sweden to adjust to lower demand in Europe.
Net profit was C126 million, down from C165 million in the same period last year. Sales dropped to C1.7 billion from C1.8 billion.
The company, based in Randers, Denmark, said Tuesday it shipped a total of 719 wind turbines, or 27 per cent less than in the third quarter of 2009.
Vestas CEO Ditlev Engel says it has become cheaper to build a windmill in Spain than in Denmark and that growth in the European market in 2011 will be below earlier expectations.
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