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Finland

Finland

Moventas is acquired by Clyde Blowers in €100 million deal

UK: British private equity firm Clyde Blowers has signed an agreement to acquire wind turbine gearbox manufacturer Moventas for €100 million.

In June, Moventas, which has counted Vestas, Gamesa and Acciona among its customers, was forced to file for bankruptcy. At the same time the company’s subsidiaries filed for corporate restructuring

At the time, Moventas said it had been hit by the financial crisis, costs arising from upgrades to its facilities and overcapacity.

Clyde Bowers already owns gear manufacturer David Brown and is involved in the power, oil & gas, and mining sectors.

Moventas said the restructuring of the company was looking at restructuring its operations in Finland.

Speaking about the deal, Moventas CEO Jukka Jaamaa said: "To ensure that the core operations of gear production can remain in Finland, reorganising and downscaling are completely necessary regardless of the acquisition.

"We have world-leading companies as our customers, high engineering know-how and quality products, but the excess capacity heavily strained our financial status, leaving us loss making. Implementation of the corporate restructuring programme offers us an excellent starting point for future success."

The wind gearbox sector promises to be highly competitive as a result of consolidation and overcapacity. Earlier this year, German manufacturer ZF acquired Hansen Transmissions in a €442 million deal.

Currently, the three big players in the gearbox sector Chinese High Speed Transmission Equipment Group, Siemens-owned Winergy and ZF have a combined capacity of around 36GW. In 2010, global installations were around 33GW.

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