Vestas presented its financial statements on Wednesday, but that is not the only news from the Danish wind turbine manufacturer. The company has also sold its converter and controls business. However, the activities will remain in Danish hands, as the A.P. Møller Holding-owned company KK Wind Solutions has purchased the business from Vestas for an undisclosed amount. This is stated by both Vestas and KK Winds Solutions in press releases.
The transaction means, among other things, that three converter and control panel factories located in Hammel (DK), Oragadam (IN) and Tianjin (CN) will change hands. A total of approximately 600 employees will change employers from Vestas to KK Wind. However, the employees will still have to deliver to Vestas turbines, as part of the agreement means that the three factories will only deliver to Vestas.
The parties have also agreed to also work together to develop converters with an engineering team at Vestas that is fully dedicated to the partnership.
- Across our global supply chain, we are increasingly collaborating with partners to scale efficiently and build on the foundation we have established. This includes focusing our own resources where they are most efficient and letting other parts of our business be run by industry-leading companies that can create more value and secure additional long-term jobs. I am therefore very excited about the agreement with our partner KK Wind Solutions, which can help grow and mature the wind energy supply chain, says Tommy Rahbek Nielsen, executive vice president and COO at Vestas.
KK Wind Solutions is betting that the deal can help the company become a world-leading manufacturer of converters for the wind industry.
- The acquisition will bring immediate scale to our operations and significantly grow our business. By expanding our production to China and strengthening our operations in Asia and Europe, we will be able to better serve our customers globally. The acquisition also complements our recently established Center of Excellence for power conversion in Kempen, Germany. We are well positioned to develop and deliver world-class sustainable energy solutions to top-tier wind turbine OEMs and further expand into adjacent industries, such as Power-to-X,” said Mauricio Quintana, CEO, KK Wind Solutions.
The transaction is subject to approvals from relevant authorities and is expected to close in the first quarter of next year.
amp
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
