South Korea’s CS Wind Corp., also the world’s top supplier of wind towers, has acquired a full stake in a U.S. wind tower factory from Danish wind turbine manufacturer Vestas, a move that is expected to help the Korean firm solidify its top position in the bourgeoning green energy market.
In a disclosure on Thursday, CS Wind said that it has signed an agreement with Vestas to buy a 100 percent stake in Vestas Towers America Inc. that operates a wind tower factory in the United States for 166.5 billion won ($149 million).
The agreement comes seven months after CS Wind unveiled ambitious plans to expand its presence in the U.S. green energy market in November last year.
Vestas Tower America is Vestas’ only foreign wind tower production entity that is directly managed by Vestas. The wind tower production facility, opened in 2009, is located in Pueblo in Colorado, U.S. and it boasts of the world’s largest wind tower manufacturing factory.
The latest acquisition is expected to enable CS Wind to double its annual revenue to nearly 2 trillion won given that the new U.S. wind tower facility is estimated to generate about 300 billion won to 400 billion won in sales.
With the acquisition, CS Wind plans to raise utilization rate of the new U.S. factory and expand lines to secure new customers and double revenue in three years. Last year, CS Wind raised 969 billion won in sales.
The latest acquisition will also guarantee CS Wind stable orders because Vestas is its key customer. A wind tower is used to produce finished turbine product, and CS Wind is expected to continue to supply wind towers to Vestas from the Pueblo factory for the customer’s turbine production.
According to a report released by SK Securities in April, CS Wind accounts for 16 percent of the global wind tower market.
Shares of CS Wind were trading 0.76 percent higher at 79,100 won on Friday morning.
Key takeaway:
• 세계 풍력타워 1위인 한국의 씨에스윈드가 덴마크 풍력발전기기업 '베스타스(Vestas)'의 미국 풍력타워 공장을 인수
• 씨에스윈드는 공장 가동률을 높이고 추가 증설 후 신규 고객사를 유치해 3년 내에 매출을 2배 정도 늘릴 수 있을 것
• 지난 4월 발표된 SK증권 보고서에서 씨에스윈드의 글로벌 시장점유율은 약 16%로 분석
단어
• bourgeoning:
growing or developing quickly:
e.g. The company was criticized for not doing more to pare down its burgeoning debt.
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