Vestas lays off 400, halts some R&D projects

COPENHAGEN (Reuters) - Vestas VWS.CO said on Monday it will lay off around 400 employees and halt certain research and development projects with immediate effect as a result the economic impact of the new coronavirus outbreak.

“We’re in a period of high uncertainty and by making a strategic decision on our product portfolio and reduce complexity, we sustain our competitiveness in the future and ensure we can adjust quickly to COVID-19 challenges,” Chief Executive Henrik Andersen said in a statement.

The layoffs will mostly affect staff in Denmark, Vestas said.

(This story corrects headline and para 1 to say Vestas will halt certain R&D (not wind farm) projects)

Reporting by Jacob Gronholt-Pedersen; editing by David Evans