Orsted To Cut 2,000 Jobs By 2027, Refocusing On European Wind Market

Benzinga

Orsted will cut 2,000 jobs—25% of its workforce—by 2027 to streamline operations and refocus on Europe. After U.S. setbacks tied to Trump’s wind lease suspension, the Danish firm aims to rebuild efficiency and competitiveness.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Orsted said Thursday had plans to cut about 2,000 jobs, one quarter of its global workforce,

00:07by the end of 2027 to reduce costs and refocus on Europe, and according to CNBC,

00:11a company which employs roughly 8,000 people, began by eliminating 500 positions this year

00:16through attrition, divestment, outsourcing, and layoffs. Orsted expects to save about $311

00:21million annually, starting in 2028. It follows a challenging year for the Danish wind energy

00:26giant, which faced construction all to the U.S. after Trump's executive order spreading new wind

00:31leases and later cut its full-year outlook, citing weak wind conditions. CEO Rasmus Erbo said the

00:37downsizing is aimed at building a more efficient and competitive Orsted, compared to pursuit and

00:41offshore wind projects. Shares rose 0.7% in European trading on Thursday.

00:45For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended