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so you think everything is hunky dory in colorado:\ well according to the extremeists on the right who are never wrong colorado is booming: another pipe dream from the flip flop boys! Wind-turbine maker Vestas to slow Colorado job growth By Mark Jaffe The Denver Post Posted: 10/28/2009 01:00:00 AM MDT
A weak market for wind turbines in the U.S. will slow job growth at Vestas Wind Systems' four Colorado plants, Ditlev Engel, the company's chief executive, said Tuesday.
"When the world's biggest market takes a breather for a year, it's tough," Engel said in a telephone interview.
Vestas, the world's largest wind-turbine manufacturer, is investing $1 billion in four Colorado plants.
The Windsor facility is already manufacturing blades. The Pueblo plant recently completed its first tower, and two plants in Brighton are set to open in 2010, Engel said.
The plants are slated to create about 2,500 new jobs, according to the company.
In the company's third-quarter results, released Tuesday, Vestas said, "Due to the credit crisis, the upgrading in the USA is not progressing as quickly as planned."
The credit crunch and the recession stalled many wind-turbine projects, said John Hardy, an analyst with Broadpoint AmTech.
"Wind-farm projects are capital-intensive and require financing. There just wasn't any," Hardy said.
The slowdown in hiring is a way for the company to manage costs, Hardy said.
Vestas also is facing stiff competition from GE Energy and Sie mens USA, Hardy said.
"At the moment, the U.S. market is characterized by excess capacity, which results in non-attractive prices and conditions on certain projects," Vestas said in its earnings report.
"The upgrading of the staff at the new factories in the USA will consequently take place in line with the order intake," the company said.
"We are going to get to 2,500 jobs; it is just a question of how quickly," Engel said.
hmmm 2500 jobs some day-a billion invested- i'll bet my mother could've put the state to work with that kinda capital in her budget! vote no on tabor!
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