|
| Tuesday, 15 November 2011, 16:00 HKT/SGT | |
| |  | |
Source: Moventas Oy | |
|
|
|
Finland, Nov 15, 2011 - (ACN Newswire) - Global industrial engineering group Clyde Blowers has yesterday signed an agreement to acquire the wind gear manufacturer Moventas Wind Ltd and the industrial gear manufacturer Moventas Santasalo Ltd. Following the acquisition of the Moventas companies, Clyde Blowers, with its existing David Brown Gear Systems business, will be one of the largest gear manufacturing groups in the world.
"We are very pleased to get an excellent owner for us with an industrial background. This significantly strengthens our position and opportunities on our main markets," comments President & CEO of Moventas companies Jukka Jaamaa.
Clyde Blowers is an industrial engineering group headquartered in the UK. Its interests cover a wide range of industrial engineering activities in the power, oil & gas, mining and minerals, rail and other industrial markets. Clyde Blowers carries out activities across the world, with particular focus on growing its activities in fast developing regions such as India, China and South America. Clyde Blowers knows the global gearing business very well, as one of the group companies is David Brown Gear Systems, which manufactures industrial gear and drive systems for various industries.
"Moventas is a very high quality engineering business with a fantastic product range, a strong dedicated management team with deep engineering capability and excellent customer relationships. Moventas operates some of the most advanced, state of the art manufacturing and test facilities in the world. It is a leading independent player in the global Wind turbine gearbox and drive solutions market with products extending across a wide range of wind turbines. Additionally they have a world class capability and exceptionally strong product offering for a wide range of industrial markets and are well positioned for future growth. We are very excited about the future prospects for Moventas," says Chairman and Chief Executive of Clyde Blowers, Jim McColl.
As its European competitors, Moventas made significant investments in its gear production during the years 2007-2008 encouraged by strong demand. However, the post finance crisis markets have not supported these investments, and along with its competition Moventas has suffered from excess capacity. Moventas is now exploring possibilities of reorganizing its production in Finland.
Based on the sales and purchase agreement, the objective is to close the acquisition before the year-end.
Contact:
Jukka Jaamaa
President & CEO
Moventas
tel. +358 50 526 7665
jukka.jaamaa@moventas.com
Topic: Press release summary
Source: Moventas Oy
Sectors: Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
