PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: Vestas Wind Systems A/S

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Vestas Sells its Machining and Casting Units to VTC - As part of Vestas’ turnaround plan announced in January 2012 and as also restated in the interim financial report for the second quarter of 2013, Vestas has been negotiating with potential buyers of Vestas’ machining and casting units - Vestas.com
Vestas Sells its Machining and Casting Units to VTC

 

NewswireToday - /newswire/ - Aarhus N, Denmark, 2013/10/09 - As part of Vestas’ turnaround plan announced in January 2012 and as also restated in the interim financial report for the second quarter of 2013, Vestas has been negotiating with potential buyers of Vestas’ machining and casting units - Vestas.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

These negotiations have now been finalised with the signing of a binding sales and supply agreement after which the German industrial group VTC Partners GmbH (“VTC”) will acquire Vestas’ two machining units and four casting units, including approx 1,000 employees in Norway, Sweden, Germany, China and Denmark. The agreement is subject to customary closing conditions, including approvals from relevant authorities in China. VTC is the owner of the Silbitz Group a leading German-based casting group with an existing and proven supplier relationship with Vestas.

Vestas’ main priority in the divestment of its machining and casting units is to increase the flexibility of Vestas’ supply chain and to secure a buyer that will ensure supply at the required quality and offer reduced and competitive prices for casted components going forward. Finally, the divestment confirms Vestas’ strategy to further concentrate on the core competences of its business.

“The divestment of our machining and casting units is part of the plan to improve our capacity utilisation and to become a more asset-light and scalable company,” says Jean-Marc Lechêne, Executive Vice President and COO of Vestas Wind Systems A/S, and continues: “In outsourcing our machining and casting units, it was important to take the time to find the right partner in order for both parties to benefit from the industrial synergies. VTC will continue to operate with the same high Vestas standards in relation to quality, reliability and safety and I am pleased to say that we consider VTC to be the right partner in all these aspects.”

“This transaction offers compelling advantages for both parties involved and VTC plans to invest significantly in the strategic realignment of the group,” adds Dr Thomas Robl, Managing Director of VTC Partners GmbH. “Vestas will receive its components at the same high quality level it is used to, and at the same time it will benefit from VTC’s scale and efficiency in the casting business. Together with our subsidiary the Silbitz Group we are forming a leader in global castings, leveraging our large casting capacity and state-of-the-art machining facilities.”

The transaction has been agreed at a sales price of EUR 1 plus an earn-out element for Vestas of up to EUR 25m. The divestment price implies a further write down of approx EUR 50m consisting of approx EUR 20m in assets held for sale and approx EUR 30m in net current assets, which will be included in special items in the third quarter of 2013.

It is expected that the divestment will lower Vestas’ costs for casted components by around EUR 30m over the next two years. Due to the additional utilisation that can be brought to the factories under VTC ownership, further cost benefits can be expected in the longer term. The flexible nature of the supply agreement that has been signed as part of the transaction further adds to Vestas’ cost structure becoming more scalable.

Contact
VTC Partners GmbH, Germany
Richard G. Ramsauer, Managing Director
T: +49 89 64949 0

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Vestas Wind Systems A/S

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


Vestas Sells its Machining and Casting Units to VTC

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

Vestas | VTC Partners GmbH
Publisher Contact: Lars Villadsen - Vestas.com 
+45 9730 0000
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Vestas Wind Systems A/S securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Vestas Wind Systems A/S / Company Profile


Read Energy Most Recent Related Newswires:

GE’s Energy Ecosystem Reveals Innovative Energy Solutions and Transformation Ideas to Help Meet Vietnam 2030 Power Targets
GE Launches OnBoard* - an Integrated Service Offering for Offshore Oil and Gas Water Treatment
Enel Begins Operations of New 150 MW Wind Farm in the United States
GE Announces Clarke Energy as a Jenbacher Gas Engines Distributor for an Additional Six Countries in Africa
ABB At Hannover Messe 2017 - Showcasing Customer Value in the Digital Age
Nord Stream 2 AG and European Energy Companies Sign Financing Agreements
GE Completes Acquisition of LM Wind Power
Enel Starts Construction of 300 MW Red Dirt Wind Farm in United States
ET Solar and DSM Announce Strategic Partnership to Accelerate Market Penetration of PV Modules Featuring Unique Sustainable and Durable Backsheets
El Lago Named 'Green Power Community' in Texas by U.S. EPA
GE and Southern California Edison Debut World’s First Battery-Gas Turbine Hybrid
GE Successfully Installed the First Unit of 1,500-Volt Solar Inverter in Japan
ENGIE Wins A 338 MWp Solar Project in India
GE & MGH Mark Commercial Operations of 9F Gas Turbines At Baghdad Power Plant
ENGIE and Axium Secure 50-year Comprehensive Energy Management Contract with The Ohio State University in the US

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)