MW FuelCell Energy to cut 17% of its staff as part of a global restructuring plan
Shares of FuelCell Energy Inc. $(FCEL)$ rose 3.4% in premarket trading Friday, after the fuel-cell technology company announced a global restructuring plan that will include cutting 17% of its staff. The company said the plan targets cutting operating costs by 15% and realigning resources toward its core technologies, and to "protect the company's competitive position amid slower-than-expected investments in clean energy." To put the workforce reduction in perspective, the company said in its latest annual report that it had 591 full- and part-time employees as of Oct. 31, 2023. A 17% cut to that workforce would equate to about 100 jobs. The company said the job cuts won't impact its carbonate manufacturing capabilities at its Torrington, Conn. The company expects to book charges related to the job cuts in the fourth quarter of 2024 and the first quarter of 2025, but did not provide an estimate of the charges. The stock, which underwent a 1-for-30 reverse stock split earlier this month to boost the share price, has plunged 85.4% year to date through Thursday.
-Tomi Kilgore
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November 15, 2024 07:47 ET (12:47 GMT)
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