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Denmark

Denmark

'Outstanding year' for LM ahead of GE takeover

DENMARK: Blade designer and manufacturer LM Wind Power has reported pre-tax profits of €79 million in 2016, up from €22 million a year earlier.

LM Wind Power is set to be taken over by US firm GE in Q2
LM Wind Power is set to be taken over by US firm GE in Q2

Revenue for the Danish firm amounted to €1.06 billion, an increase of 41% from €750 million in 2015.

The average number of employees in 2016 also grew by 39.5% year-on-year to 7,294 worldwide, which looks likely to increase following the start of construction at a new factory in Cherbourg last week.

CEO Marc de Jong said: "2016 can be justifiably described as a truly outstanding year, which continued the trend of consistently improving performance across the whole company.

"We invested more than €31 million in innovation in 2016, up 21% compared to the previous year, and reflecting the recognition that we need to continuously invest in research and development in order to maintain our position as a technology leader," he added.

GE announced the €1.5 billion takeover in October 2016, after reaching a deal with LM Wind Power owner, private equity firm Doughty Hanson.

The US conglomerate said it intends to operate the blade manufacturer as a "standalone unit" under its renewable energy business.

GE said it would "continue to fully support all industry customers with the aim of expanding these relationships".

The European Commission's competition authority granted the proposed takeover on 20 March. The deal is expected to be completed in Q2.

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