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Germany

Germany

New boss hoping to turn around dwindling fortunes at Nordex

Stefan Klebert, the former chairman of Haushahn Group -- a lift and escalator company he is credited with turning around -- will take up the reins at Nordex at the end of July. He replaces Dietmar Kestner, who was suspended in February, days after reporting dismal figures for the first quarter of the current fiscal year to end-September 2003 (Windpower Monthly, March 2003). Kestner's suspension was followed by swingeing cost cuts that included the axing of 150 jobs. Klebert's track record in rescuing the Haushahn Group despite a declining market is expected to come in useful. "The wind industry is still an expanding market but growth has slowed for the first time in years. We have to adapt to this situation and refocus some parts of the company," Klebert says. Meanwhile speculation continues about whether Nordex will soon have a new stakeholder. With 63% of shares in widespread holdings, the company is wide open for a takeover. The WestLB Bank in Düsseldorf holds 29.8% of shares, while Nordvest, a Danish company owned by the founders of Nordex, holds 7%.

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