Transaction: Vestas Sells Converters And Control Business To KK Wind Solutions
Aarhus, Denmark - Wind turbine manufacturer Vestas has signed an agreement to sell its converters and control panel business to KK Wind Solutions (KK). The transaction will see Vestas' three converter and control panel factories in Denmark, India and China, including employees, transferred to KK Wind Solutions.
The sale of the converter and control business follows Vestas' philosophy of focusing on areas where Vestas is most efficient and transferring parts of the business to other industry leaders that can create more value and secure additional jobs in the long term, Vestas said.
" Across our global supply chain footprint, we are increasingly collaborating with partners to scale efficiently and build on the foundations we have established. I’m therefore very excited about the agreement with our partner KK Wind Solutions, which can help grow and mature the wind energy supply chain", said Tommy Rahbek Nielsen, executive vice president and COO at Vestas.
The transaction is expected to close in the first quarter of 2023, subject to receipt of approvals from the relevant regulatory authorities and separation of the converters & controls business.
Source: IWR Online, Aug 08 2022