Flender sold to Citicorp

The sale of wind turbine gear box manufacturer A. Friedrich Flender to Citicorp Venture Capital Ltd, drawn up last March, is now complete according to its former owner, Babcock Borsig, which owns wind turbine makers Nordex and Südwind. The transfer of its 75.5% stake in Flender to Citicorp for an unnamed sum in late August "is an important step towards concentration on core activities," says Babcock. The Flender Group, with more than 30 divisions and 7500 employees worldwide, has been hit by a wave of failures on its wind turbine gear boxes. It has a EUR 54 million replacement program underway with Danish turbine manufacturer NEG Micon (Windpower Monthly, July 2000).

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