Tags: FuelCell | energy | job cuts | Connecticut

FuelCell Energy Cuts 17 Percent of Workers; Stock Hits All-Time Low

FuelCell Energy Cuts 17 Percent of Workers; Stock Hits All-Time Low

(Photo courtesy of FuelCell Energy)

By    |   Thursday, 01 December 2016 02:02 PM

FuelCell Energy Inc., a U.S. maker of fuel-cell power plants, is cutting about 100 jobs in Connecticut, or 17 percent of its global workforce. Its stock fell to a record low.

The cuts, which are part of the company’s “cost control initiatives,” will affect workers at its factory in Torrington, Connecticut, and its headquarters in Danbury, Connecticut, according to Fox61 TV news.

“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," said Chip Bottone, president and chief executive officer of FuelCell Energy, in a statement released Thursday. "Our employees are our most valued assets so the decision to reduce our workforce was not made lightly.”

Danbury Mayor Mark Boughton said Thursday morning that he had not yet been officially notified of how many jobs would be lost in the city. He said even one layoff at this time of year is particularly painful, according to the Dansbury News Times.

FuelCell’s stock fell 11 percent to $2 a share by 1:55 p.m. in Nasdaq trading after reaching an all-time low of $1.90. It has lost 80 percent of its value from a 52-week high of $10.74.
 

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FuelCell Energy Inc., a U.S. maker of fuel-cell power plants, is cutting about 100 jobs in Connecticut, or about 17 percent of its global workforce.
FuelCell, energy, job cuts, Connecticut
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2016-02-01
Thursday, 01 December 2016 02:02 PM
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