With a 53% increase in turnover and an operational profit of EUR 91 million against a deficit of EUR 40 million a year ago, LM Glasfiber avoided being seriously hit by the global financial crisis in 2008. But in the last three months of the year, the credit crunch was felt by the world's largest supplier of wind turbine rotor blades when financing problems delayed customer projects. The crisis is expected to stop LM's growth in 2009, says the company in its annual report. While growth is expected to continue in China, where LM recently opened a new factory, in the rest of the world the financial uncertainty will delay wind farm construction in specific countries, says CEO Roland Sundén. In the longer term, LM sees a bright future thanks to the global will to stop climate change and promote energy independence.
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