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Austria: Verbund to Take Austerity Measures

People ♦ Published: August 1, 2013; 11:21 ♦ (Vindobona)

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Only a few months ago, CEO of Verbund Wolfgang Anzengruber promised that “2013 will become the best year in the company’s history”. However, there have been bad news for the energy company ever since.

Austria: Verbund to Take Austerity Measures / Picture: © Verbund AG

Power plants have to be written off, profits decreased, investments are cut and there will be no new employees taken on in the near future. The energy company has to cut spendings and is lowering prices for electricy at the same time. Verbund lost almost a quarter of its value at the stock exchange since the beginning of the year. Yet, Anzengruber is determined to keep to its…