Wind turbine giant Vestas cuts 3,000 jobs

Vestas, the world's largest wind turbine maker, has announced plans to cut 3,000 jobs because of weak demand, around 15% of its global workforce.

The Danish company also reported net profits of 126m euros ($177m; £111m) for the three months to the end of September, 24% down on the same period last year.

Most of the job cuts will be made in Denmark and Sweden.

Shares in Vestas slumped by more than 11% as a result of the announcement.

The company said it would book between 140m and 160m euros of one-off costs related to the job cuts in the next quarter, mainly covering property and plant.

Vestas said this would keep it on track to meet full-year forecasts.

Despite the growing global interest in wind power from countries as widespread as China, Cape Verde and the UK, Vestas made a loss in the second quarter and cut its sales forecast.

Vestas' chief executive, Ditlev Engel, said it had become cheaper to build a wind turbine in Spain than in Denmark.

The UK Prime Minister, David Cameron, said this week that the country needed thousands of massive wind turbines and the government would provide up to £60m to meet the needs of offshore wind infrastructure.