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Lagerwey troubles partly relieved
1 April 1997
Financially troubled Lagerwey looks to be heading for calmer water. The Dutch foreign affairs ministry has at last confirmed that the wind turbine manufacturer will be awarded a MILIEV grant to support a large sales deal it is attempting to clinch with an unnamed Indian company. The deal is reputed to be worth some NLG 90 million. According to Lagerwey's Remco Boersma, "the grant has been awarded and we are only waiting for the finalisation of some financial details before proceeding with the deal." Grants under the MILIEV programme cover 40% of the capital costs of Indo-Dutch projects which use technology of 70% Dutch origin and lead to environmental and economic self-sufficiency. For Lagerwey the grant is seen as the key to the financial revitalisation of the company. It was forced to issue its creditors with a request for partial remission of debts after diversified engineering group Stork NV suspended takeover talks in February.
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