Danbury’s FuelCell Energy cutting 96 jobs

FuelCell Energy is laying off 96 workers, equal to 17 percent of its workforce, as part of what it described as a business restructuring aimed at reducing costs and aligning production levels with current levels of demand.
The company, whose headquarters are in Danbury, said the job cuts would take place in Danbury, at its North American production facility in Torrington, and at other remote locations.
A personnel-related restructuring charge of approximately $3 million will be incurred in fiscal 2017, it noted, with approximately one half of the charge composed of cash severance costs and the remainder representing non-cash charges.
“Our employees are our most valued assets so the decision to reduce our workforce was not made lightly,”  FuelCell President and CEO Chip Bottone said.