DEVENS -- AMSC, formerly American Superconductor Corp., announced Wednesday that it has reduced its workforce by 25 percent and is consolidating office space to lower operating costs by about $10 million annually.

The workforce reduction affects approximately 110 positions, as the company announced its global headcount now stands at about 340.

"While the long-term prospects for renewable energy remain bright, conditions in the sector today are challenging," CEO Daniel McGahn said in a statement.

AMSC, which makes makes components used in wind turbines and power grids, said it would incur charges of about $3 million to $4 million over the next two quarters.

The company said it expects to pay about $2 million in severance costs.

The news comes almost a year to the day after a similar annoucement, as AMSC is embroiled in a global court case with its former top customer, China-based Sinovel. AMSC accuses Sinovel of paying off an AMSC employee to secure company secrets.

Shares of AMSC were at $2.72, down a penny in early trading Wednesday.