* Says to cut 117 jobs in U.S., Canada, India facilities
* Expects to save $12 mln to $15 mln annually
* Shares up as much as 19 pct
(Adds company comments; updates share movement)
By Vinay Sarawagi
BANGALORE, May 27 Plug Power Inc (PLUG.O) said
it will cut a "little less than 50 percent" jobs as part of its
efforts to focus on commercial activity in the material
handling market, sending the fuel-cell maker's shares up as
much as 19 percent.
Plug Power will eliminate 117 jobs across all three
facilities in the United States, Canada and India, the company
told Reuters on the phone.
It expects to save $12 million to $15 million annually.
"This is the right move for the material handling business
and the right move for Plug Power," Chief Executive Andy Marsh
said in a statement.
The company said it is consolidating all operations to its
Latham, New York headquarters to optimize efficiency and growth
potential in the $4 billion North American material handling
Shares of the company were up 5 cents at 41 cents in
late-afternoon trade Thursday on Nasdaq. They touched a high of
43 cents earlier in the session.
(Reporting by Vinay Sarawagi in Bangalore; Editing by Maju