Connecticut company lays off 135 employees
DANBURY, Conn. (AP) — A Connecticut fuel cell maker has announced that it is laying off 135 employees, a move it says will save $11.5 million annually.
The News Times reports that FuelCell Energy Inc. announced the layoffs Friday. The company has headquarters in Danbury and its main factory in Torrington.
FuelCell reported a $33 million loss in the first quarter of its fiscal year covering November through January, with revenue down by more than half to $17.8 million. The company’s assets totaled $346 million entering February, including $27.7 million in cash unrestricted by any contractual requirements.
In January, FuelCell reworked the terms of a $10 million loan from the state, reducing a job requirement.
The company reported having 430 employees in Connecticut as of October.
Information from: The News-Times, http://www.newstimes.com