Danbury producer cuts 135 jobs – The Advocate

FuelCell Power CEO Chip Bottone in February 2017.

FuelCell Power CEO Chip Bottone in February 2017.

Picture: Carol Kaliff / Hearst Connecticut Media

photo

Picture: Carol Kaliff / Hearst Connecticut Media

FuelCell Power CEO Chip Bottone in February 2017.

FuelCell Power CEO Chip Bottone in February 2017.

Picture: Carol Kaliff / Hearst Connecticut Media

Danbury producer cuts 135 jobs

FuelCell Power laid off 135 staff on Friday, with the corporate stating it should save $11.5 million yearly on account of the job cuts.

Underneath CEO Chip Bottone, FuelCell has its headquarters in Danbury and its important manufacturing facility in Torrington the place it produces gasoline cells that generate electrical energy by a chemical course of. The corporate reported having 430 Connecticut staff as of October 2018.

In January, FuelCell reworked the phrases of a $10 million mortgage first issued it in 2015 by the state of Connecticut, with the corporate required to have a Connecticut workforce numbering almost 540 individuals by 2022. FuelCell would obtain a $2 million mortgage “forgiveness” credit score if it does so; it if falls quick, it might be required to pay $18,600 for every promised job it failed to take care of for a interval of two years.

FuelCell reported a $33 million loss within the first quarter of its fiscal 12 months masking November by January, with income down by greater than half to $17.eight million. The corporate’s property totaled $346 million getting into February, together with $27.7 million in money unrestricted by any contractual necessities.

FuelCell additionally introduced the retirement of Anthony Rauseo as chief working officer, who held the position since 2010 and was obtained $830,000 in compensation final 12 months.

Alex.Soule@scni.com; 203-842-2545; @casoulman

asubhan
wordpress autoblog
amazon autoblog
affiliate autoblog
wordpress website
website development

Be the first to comment

Leave a Reply

Your email address will not be published.


*