TodayEco.com

19 Jun '12, 11am

Vestas sells turbine tower factory to China’s Titan: Vestas is to sell its Varde wind turbine tower factory to C...

Signed on Tuesday, the agreement comes after the Danish company made the decision in January to close the factory in an effort to cut costs. Vestas did not disclose the value of the sale, but said it will allow most of the factory’s 120 employees to stay on. The agreement is still pending approval by the Chinese authorities, which Vestas said it expects to happen shortly. Once approved, Vestas is scheduled to transfer the facility to Titan’s ownership in September. “Based on Denmark’s leading position within the wind industry and excellent facilities for shipment of large turbine towers mainly intended for offshore, the facility in Varde is ideally positioned to support the further globalisation of Titan Wind Energy’s operations,” Vestas said in a statement. Titan, which is one of Vestas’ suppliers, hopes to use the factory to establish a presence in Europe, which it sees ...

Full article: http://www.renewableenergyfocus.com/view/26402/vestas-sel...

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