Vestas Wind Systems A/S (VWS.KO) Wednesday confirmed the sale of its machining and casting units, concluding previously announced talks, as the Danish wind turbine manufacturer aims to focus on its core businesses and on lowering costs.
Vestas Wind Systems A/S (VWS.KO) Wednesday confirmed the sale of its
machining and casting units, concluding previously announced talks, as the
Danish wind turbine manufacturer aims to focus on its core businesses and on
lowering costs.
The sale, to German industrial group VTC Partners GmbH, includes two machining units
and four casting units and affects 1,000 employees in
Norway
,
Sweden
,
Germany
,
China
and
Denmark
.
VTC will pay one euro ($1.3) for the units, plus an earn-out of up to EUR25
million ($33.9 million), but Vestas said it will post a write down of around
EUR50 million from the reduction on assets held for sale and net current
assets.
Following the sale, Vestas said it expects costs for cast components to fall by
around EUR30 million over the next two years with further cost savings expected
in the longer term.
VTC is the owner of the Silbitz Group, a German-based casting group which
already has a supplier relationship with Vestas.
Vestas shares closed Tuesday at DKK147.90, valuing the company at DKK30.13
billion.
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