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Monday, July 28, 2014

Vestas Sells Machining Units to German Industrial Group

VestasDanish wind turbine manufacturer and service company Vestas has sold its machining and casting divisions to a German industrial group.

VTC Partners GmbH will acquire two machining and four casting units from Vestas, including about 1,000 international employees, following the finalization of standard closing conditions and approval from Chinese authorities. The machining units perform finishing operations on various wind turbine components. Vestas sold the unprofitable units, located it Norway, Sweden, Germany, China, and Denmark, for 1 Euro, realizing an ultimate write-down of 50 million euros, according to Businessweek.

Vestas announced its intention to sell these units in a turnaround plan unveiled in Jan. 2012. The company will have no more assets to sell after the close of the sale. The divestment strategy is an attempt to return to profitability.

“The divestment of our machining and casting units is part of the plan to improve our capacity utilization and to become a more asset-light and scalable company,” said CEO Jean-Marc Lechene. “It was important to take the time to find the right partner in order for both parties to benefit.”

–Brian Lane

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