|
|
lobalindustrial engineering group Clyde Blowers has yesterday signed anagreement to acquire the wind gear manufacturer Moventas Wind Ltd andthe industrial gear manufacturer Moventas Santasalo Ltd. Following theacquisition of the Moventas companies, Clyde Blowers, with its existingDavid Brown Gear Systems business, will be one of the largest gearmanufacturing groups in the world.- We are very pleased to get an excellent owner for us with anindustrial background - Clyde Blowers offers us stability and furtherdevelopment of our business. This also significantly strengthens ourposition and opportunities on our main markets, comments President& CEO of Moventas companies Jukka Jäämaa.5 e! e; S. Q9 h2 W
Clyde Blowers is anindustrial engineering group headquartered in the UK. Its interestscover a wide range of industrial engineering activities in the power(including renewable energy, conventional and nuclear), oil & gas,mining and minerals, rail and other industrial markets. Clyde Blowerscarries out activities across the world, with particular focus ongrowing its activities in fast developing regions such as India, Chinaand South America. Clyde Blowers knows the global gearing business verywell, as one of the group companies is David Brown Gear Systems, whichmanufactures industrial gear and drive systems for various industries.
$ J, a4 i, X( a2 p- \" S-Moventas is a very high quality engineering business with a fantasticproduct range, a strong dedicated management team with deep engineeringcapability and excellent customer relationships. Moventas operatessome of the most advanced, state of the art manufacturing and testfacilities in the world and has an extensive product range. It is aleading independent player in the global Wind turbine gearbox and drivesolutions market with products extending across a wide range of windturbines. Additionally they have a world class capability andexceptionally strong product offering for a wide range of industrialmarkets and are well positioned for future growth. We are very excitedabout the future prospects for Moventas, says Chairman and ChiefExecutive of Clyde Blowers, Jim McColl.! \8 x' ]; }" j* \" |: m, t
A new long-term ownershipsolution has been sought for Moventas companies since June when, afterprolonged financing negotiations, the holding company Moventas Ltd wasfiled for bankruptcy and its operative subsidiaries applied forcorporate restructuring.
+ q0 U) E l/ k2 A' l# V H0 Q. C5 @As its European competitors, Moventasmade significant investments in its gear production during the years2007-2008 encouraged by strong demand. However, the post finance crisismarkets have not supported these investments, and along with itscompetition Moventas has suffered from excess capacity.
8 w3 `* Y$ u* j( F% xAs partof its corporate restructuring, Moventas is now exploring possibilitiesof reorganizing its production in Finland. Therefore, both FinnishMoventas companies will start co-operation negotiations on 21 November,2011.. O- P) V* }# f1 b: P( C
- To ensure that the core operations of gear production canremain in Finland, reorganizing and downscaling are completelynecessary regardless of the acquisition. We have world-leadingcompanies as our customers, high engineering know-how and qualityproducts, but the excess capacity heavily strained our financialstatus, leaving us loss-making. Implementation of the corporaterestructuring program offers us an excellent starting point for futuresuccess, Jäämaa stresses.! ^# J I1 \" @/ P u6 j
Based on the sales and purchaseagreement signed yesterday, the objective is to close the acquisitionbefore the year-end. The business has been acquired for the price of100 million euros, and has been solely financed by equity investment.
" x4 m+ r4 @% y" J9 Y( m& V3 UCorporaterestructuring proceedings of Moventas Wind Ltd and Moventas SantasaloLtd will end simultaneously with the closing, and restructuringprograms will be implemented. Due to the corporate restructuringproceedings, the co-operation negotiations will take two weeks.7 b }& P8 x) j9 ?
DanskeBank Corporate Finance and Pohjola Corporate Finance acted as jointfinancial advisors and Attorneys at law Borenius as a legal advisor tothe seller.2 ~! o- h8 @6 ?! t0 r- _5 v. f
Additional information will be given today between 11 am and 1 pm Finnish time by
# h7 M8 ?6 W4 }8 LPresident & CEO Jukka Jäämaa, Moventas, tel. +358 50 526 7665, jukka.jaamaa@moventas.com: @" m$ p- p) q
Jim McColl via Alex Hamilton, The Big Partnership, tel. +44 141 333 9585, alex.hamilton@bigpartnership.co.uk
. S& e9 D6 z# H% p3 [* E9 r0 S8 JMoventasis one of the largest manufacturers of wind turbine gears in the world.The company also manufactures power transmission solutions forindustries such as pulp and paper and mining, and provides services foroverhaul and maintenance. Majority of the products' end use isconnected with renewable energy. The company has some 1,000 employeesin 10 countries globally with a worldwide partner network." z! e0 F; s Y: m4 Y9 b
Comments . r+ D1 g- _) Z) o" k# A2 b
Log in to comment. H/ p- _5 ~$ K) O/ s) `: L
V3 E6 X, R7 P1 T9 ?. x& f |
|
发表于 2011-11-17 22:17:23
