Sinovel and Goldwind Expect to Purchase Danish Wind Giant Vestas

Resource from: CBCC Likes:2970

Apr 19,2012

Sinovel and Goldwind, the two major wind power equipment makers in China, have shown an interest in bidding for the world's biggest wind turbine maker, Vestas Wind Systems, a Danish newspaper reports. The report by the Jyllands-Posten newspaper on April 16 cited an unnamed source as saying that China's biggest turbine maker, Sinovel Wind Group, and second-biggest, Xinjiang Goldwind Science & Technology Co., have talked to Danish financial institutions about buying the turbine maker. The two Chinese companies did not directly respond to the reports. In an interview with Caixin, Tao Gang, deputy president of listed Sinovel said that if there was any information, the company would release it. Goldwind declined to comment. In 2011, Vestas accounted for 12.9 percent of the global wind power equipment market, followed by Goldwind, which held 9.4 percent, BTM Consult, a Danish wind- industry research institution said. Vestas' share price was 48.95 Danish crowns, with total market value at 9.97 billion crowns. However, the price has dropped from its peak of 189.6 crowns last year due, in part, on slumping market prices for wind turbines. In January, Vestas announced a major management reshuffle and plans to cut jobs in a bid to restore profitability. Overcapacity and sliding turbine prices have also affected Chinese wind power manufacturers over the past year. Sinovel reported a 73 percent decline of net profit last year. And Goldwind said it expected the company's first quarter profit to drop up to 100 percent from the same period last year.

(CBCC)

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