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AAER Announces Temporary Layoffs | in News Departments > New & Noteworthy | by NAW Staff on Thursday 18 March 2010   |
Bromont, Quebec-based AAER Inc., an original equipment manufacturer of wind turbines, has announced the temporary layoff of 28 employees, mainly in operational and administrative positions, in order to preserve cash.
The company says it continues to service existing customers while proceeding with planning for the manufacture and erection of new wind turbines currently under contract.
Industry observers say that AAER has not recovered from being passed over by developers for Hydro-Quebec's 2,000 MW wind project in May 2008, the Winnipeg Free Press reports.
That decision prompted the company's shares to plummet from a peak of C$1.92. AAER has not been able to gain much sales traction since that defeat. On top of that, weak credit markets and falling energy prices have caused several developers to cancel plans.
SOURCES: AAER Inc., The Winnipeg Free Press | | |
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