Latest Updates Of American Superconductor Corporation (NASDAQ:AMSC)


Dallas, Texas 03/27/2014 (FINANCIALSTRENDS) – American Superconductor Corporation (NASDAQ:AMSC) is slated to shut down its Middleton plant by 31 Dec and transfer all those operations to the company’s headquarters located in Devens, Mass. It declined to disclose the exact number of the Middleton employees who will be affected but it said that they will now be offered positions in Devens. This plant, located at 8401 Murphy Drive makes a voltage-regulation & control device to be used on the electric- transmission grid. This announcement is unfortunate said the Middleton city administrator, Mike Davis. They have been a very sound employer in Middleton for as long as he can remember, he said.

American Superconductor Corporation (NASDAQ:AMSC) announced that this closing is part of the series of its strategic-operational initiatives. These initiatives include the reduction of wind- power manufacturing in China to the Chinese customers & opening a new production-center in Romania for any other wind customers globally. American Superconductor Corporation (NASDAQ:AMSC) said that the company will now be cutting its total-staff between 5% and 10%, or upto 120 employees, said Kerry Farrell the spokesperson, among its Middleton & Massachusetts and the Chinese sites.

American Superconductor Corporation (NASDAQ:AMSC) also has its company operations in New Berlin, that are not going to be affected. As of 2011, the most-recent figures available, American Superconductor Corporation (NASDAQ:AMSC) said that it had over 100 of its employees in Wisconsin but it did not break-down these numbers between Middleton & New Berlin. Madison Gas & Electric’s 2013 High-Tech-Directory lists this Middleton plant to be at 100 employees. American Superconductor Corporation (NASDAQ:AMSC) came into this local market in 1997 which was when it had acquired Superconductivity Inc. for almost $16 million. The company is a provider of mw-scale solutions that very effectively lower the cost of the wind power & enhance the performance of a power grid. American Superconductor Corporation (NASDAQ:AMSC) operates in 2 business units:- Wind & Grid.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.