Hansen announces 21% Q3 revenue fall

BELGIUM: Gearbox supplier Hansen Transmissions has announced a 21% decline in revenue for the third quarter, covering the three months preceding December 31.

Hansen said its revenue had fallen from €136.62 million to €107.92 million and blamed the decline on the effects of the economy on government subsidies and third party financing in the US and European markets.

It added that regulatory support for the wind sector globally continues to be uncertain.

Hansen CEO Alex De RycK said: "However, the Chinese and Indian wind markets are projected to continue their growth path, reinforced by the economic growth in their domestic markets and strong governmental incentives and support in their respective regions.

"Hansen remains well placed in these growth markets with a growing product portfolio."

He added that the proposed divestment of Hansen’s industrial gearbox business emphasises the focus as a pure wind energy business.

Hansen announced its plans in October, following its acceptance of a €75 million offer from Sumitomo Heavy Industries to buy its industrial gearbox division, which accounts for 16% of revenue.

In September, Hansen announced its sales in the six months to June 30 fell by more than a quarter year on year from €295 million in H1 2009 to €217 million in H1 2010 - a 26.4% decline. The average loss of revenue across the wind power industry was 23.9%.

Hansen also announced the appointment of Torben Bjerre-Madsen as vice chairman.

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