Plug Power Restructuring Will Eliminate 117 Jobs

Plug Power Inc., a producer of fuel-cells, announced it is cutting 117 jobs as part of a restructuring that will save the company between $12 million and $15 million annually.

Plug Power said in a statement it is consolidating all operations to its headquarters in Latham, New York. The job losses will be felt at the company’s operations in the U.S., Canada and Asia.

Chief Executive Andy Marsh called the cuts “the right move for the material handling business and the right move for Plug Power.”

The company put the North American material handling market at $4 billion.