Plug Power Inc., the Latham-based hydrogen fuel cell manufacturer, announced this morning it's cutting about 80 jobs from its 380-member workforce.
According to company officials, the job cut is part of a restructuring plan approved by the company’s board of directors to streamline general and administrative expenses to achieve “short-term revenue targets.”
Most of the cuts are expected to come from staff at the company’s headquarters. Severance packages will be offered to the separated employees.
The cuts are expected to reduce Plug Power’s cash burn and extend its capability to fund itself for another 12 to 18 months.
Company officials said in a news release that the majority of the restructuring charges should take place by the end of 2008, and further details on the amount and breakdown of the charges associated with the restructuring will be provided in an 8-K filing with the U.S. Securities and Exchange Commission by the week of June 16.