Wind turbines manufacturer Senvion is planning to axe about 780 jobs across its global operations in a bid to improve its long-term competitiveness.
The decision, which is part of the German firm’s extensive program, will mainly affect its facilities in Husum, Trampe and Bremerhaven in Germany.
As part of the extensive program, Senvion intends to identify excess costs, opportunities to reduce production overcapacity.
It also plans to invest in research and development, new technologies as well as the quality of its products and services.
Senvion CEO Jürgen Geissinger said: "We are setting the ground work for the successful future of the company. There is no alternative to decisive changes in order to secure the long term competitiveness of our company with 4,100 employees.
"Senvion in recent years has developed new products, improved processes, and made the required investments. Now we have to follow through on our strategy and pave the ground for future global growth."
The company is now planning to hold discussions with representatives of employees as soon as possible in order to implement the restructuring plan.
Senvion CFO Manav Sharma said: "We have consistently highlighted efficiency improvements as one of the core focus points for a successful future. The announced changes are tough but a required step in that direction.”
Senvion said that wind turbine manufacturers are facing strong price pressure and dealing with a change in demand from established markets to growth regions in South America and Asia.