- Press Releases
August 10 (Renewables Now) - Danish wind turbine manufacturer Vestas Wind Systems A/S (CPH:VWS) has struck a deal to sell its converters and controls business to existing partner and electro-mechanical systems maker KK Wind Solutions, owned by the parent of the A.P. Moller Group.
The deal covers Vestas’ three converters and control panels factories in Denmark, India and China along with their entire 600-strong workforce.
The buyer has agreed to exclusively supply converters and control panels to Vestas from these factories but will have the option to extend the use of converter technologies in areas adjacent to Vestas’ core business. The two parties will also jointly develop converters, with Vestas contributing a fully-dedicated engineering team.
The transaction is subject to regulatory clearance and is seen to wrap up in the opening quarter of 2023.
“Across our global supply chain footprint, we are increasingly collaborating with partners to scale efficiently and build on the foundations we have established. This includes focusing our own resources to where they are most efficient and moving parts of our business to be run by other industry leaders who can create more value and secure additional long-term jobs,” said Tommy Rahbek Nielsen, Executive Vice President and COO at Vestas.
In turn, KK Wind Solutions’ CEO Mauricio Quintana commented that the purchase will help scale its operations and extend its global footprint.