In its recent business development announcement on Thursday, FuelCell Energy announced that as part of its business restructruing measures, it plans 96 layoffs coming from the headquarters in Danbury, production facility in Torrington and at remote locations.
"The Company is reducing materials spend as well as implementing various cost control initiatives. The workforce was reduced at both the North American production facility in Torrington, Connecticut, as well as at corporate offices in Danbury and remote locations. A total of 96 positions, or approximately 17 percent of the global workforce, was impacted. In conjunction with the personnel reduction, the Company is implementing other measures to reduce operating costs by at least $6 million on an annualized basis"
“We are streamlining our business and cost structure as we reduce our production levels to meet the backlog we have today while positioning the company for long-term success,” Chip Bottone, president and CEO of FuelCell Energy, said in a statement. “Our employees are our most valued assets so the decision to reduce our workforce was not made lightly.”