A global leader in the wind turbine business says it will lay off thousands of workers in Denmark and the United States after the global financial crisis hurt demand for its products.

Danish based Vestas company announced Thursday most of the 2,300 layoffs will be made in Denmark by the end of the year.

Vestas says it expects to save around $190 million by streamlining operations and reducing its workforce.

The company says an additional 1,600 workers could lose their jobs in the United States if business slows down.

Vestas laid off 3,000 workers last year after revenue dropped 25 percent in the third quarter.