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Finland

Finland

Moventas files subsidiaries for corporate restructuring

FINLAND: Finnish gearbox manufacturer Moventas has filed its operational subsidiaries, Moventas Wind Oy and Moventas Santasalo Oy, for corporate restructuring.

In a statement, the company, which counts Vestas, Gamesa and Acciona among its customers, said it had been hit hard by both the financial crisis and the need to reinvest in new manufacturing facitilies.

Since last year, it has been attempting to finance the development of the company.

Moventas CEO Jukka Jäämaa said: "Our focus now is to find a solution within the corporate restructuring framework to return the business to a sound financial footing. I am confident that today's filing is in the best interests of our clients and personnel.

"Moventas has a solid market position on the industrial gear side, strongly growing service operations and good position and top expertise on the wind gear market that is just about to pick up again."

In September 2010, the company announced it was expanding its North American presence in Portland, Oregon, in an aim to fill a hole in the US wind power supply chain.

This involved doubling the size of its operations to 21,000 square metres and begin assembling new gearboxes this year. The eventual aim was to produce 100-150 units annually for manufacturers of turbines up to 2MW.

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