Wind Maker Falters, Bearing Industry Woes
The job losses will mainly affect its facilities in Husum, Trampe and Bremerhaven in Germany, according to released statement.
The company plans to implement a restructuring programm to identify excess costs and opportunities to reduce production overcapacity. It will also invest in research and development, new technologies as well as the quality of its products and services.
Company managers will meet with employees’ representatives as soon as possible to start negotiations.
The program is part of Senvion’s overall strategy, which management will detail when the company presents its 2016 financial results. Senvion already announced plans during its initial public offering to boost operating results.
The program will put the manufacturer on a path of profitable growth in a difficult environment.
"Wind turbine makers are under strong price pressure and dealing with a shift in demand from established markets to growth regions in South America and Asia," quoted by statement.
"There is no alternative to decisive changes in order to secure the long-term competitiveness of our company with 4,100 employees”, chief executive Jürgen Geissinger added.
Mr Geissinger when CEO of Schaeffler Group was at the forefront of many issues with SKF President Tom Johnstone who in 2006 commenced World Bearing Association (WBA).
Price Fixing, Fake News and False claims of Counterfeiting were crippling the bearing Industry while the WBA alleged to receive free & misleading press coverage, still haunts manufacturers today with legal proceedings.
Mr Tom Johnstone remains as SKF executive and is alleged the master of fake news for the SKF Group, WBA and BearingNet. Many articles on this topic are located in BearingCode's News Archives.
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