American Superconductor Company, a manufacturer of components for wind turbines and superconductors, will open an electrical control systems factory in Timișoara, as part of a larger plan to restructure the organization. Timișoara Center will take over some production facilities the company has in Suzhou, China, considering that such a decision will lead to widening its customer base outside chinese state borders.
The company says that the factory in Timișoara should become operational during fiscal year 2014. Production in China will be maintained to supply the most promising markets in the past two years, but the number of employees will be reduced.
American Superconductor has a more comprehensive reform plan that includes relocation of production units and employees, dismissal of others, all to benefit from what the company calls “the opportunities that arise in the wind an grid industry.” The number of employees will be reduced overall with 5 to 10% by the end of this year and expect to make savings between 4 and 6 million dollars.
For fiscal year 2013-2014 Q4, the company expects to register a loss of 14 to 16 cents per share, and revenues of up to 16 million dollars. Initial projections showed losses of 18 cents per share and revenues of over 16 million dollars.
In fiscal year 2012, ending March 2013, the company recorded revenues o87.4 million dollars, up from 76.5 million dollars in the previous year. In the third quarter of fiscal year 2013, the period from September to December, the company achieved revenues of 20.6 million dollars compared with 17.4 million dollars in the same period last year.