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China

China

Sinovel reorganises to cope with market downturn

CHINA: Sinovel has turned its international business division into a separate subsidiary as part of a restructure of its operations.

The Chinese turbine manufacturer said the international subsidiary will operate independently and assumes sole responsibility for financial results.

In addition, Sinovel is to restructure itself with the creation of four subsidiaries to cover the China's north-east, north, east and north-west regions. The move comes in response to the current downturn in the Chinese market.

Sinovel said it has adjusted the operational management to improve efficiency, reduce costs, elevate product technological contents, improve service and provide clients with better solutions.

The company will introduce integrated management and supporting service of production, as well as client services in these subsidiaries.

The reorganisation will be completed this year. Sinovel said it will allow for an improved management of the research and development department.

Sinovel also announced it had discovered "accounting errors" in its 2011 results. It said net profits for the year were 20% higher than reported.

For 2012, Sinovel predicted a CNY 490 million ($78 million) loss. Sinovel vice-president Tao Gang said the Chinese wind power market has entered a phase of adjustment after the previous rapid growth.

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