Clyde Blowers completes Moventas acquisition
Clyde Blowers, the global industrial engineering group, is pleased to announce that it has successfully completed the acquisition of wind turbine gear manufacturer Moventas Wind Oy and industrial gear manufacturer Moventas Santasalo Oy from the bankruptcy estate of Moventas Oy.
Clyde Blowers signed the share purchase agreement to acquire the companies on 14 November, 2011. The closing conditions included approval by the relevant competition authorities and approval of the restructuring programs by the creditor bodies and local district court.
“The closing took slightly longer than originally expected, but we are pleased that we can now turn our focus on development of Moventas with our new owner. Our future outlook is promising”, commented President & CEO of the Moventas companies, Jukka Jäämaa .
The Moventas companies continue to carry out their court approved restructuring programmes. The programmes include measures designed to place the companies on a stable financial footing to support the long term growth of the business. The financial position of the companies is now strong, thanks to the mechanism in the restructuring programmes that releases them from the burden of certain debt in existence at the time of commencement of the administration proceedings in addition to new equity injected as part of the acquisition financing.
Jim McColl , Chairman and Chief Executive of Clyde Blowers, said:
“We are delighted to have completed this acquisition and can now start to build Moventas into a leading global gear systems supplier to the wind and other industrial markets. Moventas has vast untapped potential, extensive manufacturing and product capability to serve its markets, and a dedicated workforce who have remained loyal to the business during last year’s uncertainty.
We look forward to a very bright future and working closely with the team at Moventas to achieve our growth ambitions.”
President & CEO Jukka Jäämaa, Moventas Wind Oy and Moventas Santasalo Oy
Tel. +358 50 526 7665 / email@example.com
Moventas is one of the largest state of the art manufacturers of wind turbine gears in the world. The company also manufactures power transmission solutions for industrial markets including the pulp and fiber, mining and minerals and power generation industries. It also provides extensive aftermarket services for the maintenance, overhaul, upgrade, repair and replacement of gear systems. The company has some 900 employees in 10 countries globally with a worldwide partner network.
Clyde Blowers is a global industrial engineering business, based out of East Kilbride in Scotland. Its interests cover a wide range of industrial engineering activities in the power (including renewable energy, conventional and nuclear), oil & gas, mining and minerals, rail and other industrial markets. Clyde Blowers carries out activities across the world, with particular focus on growing its activities in fast developing regions such as India, China and South America. Through its current activities, Clyde Blowers is an experienced participant in the global wind energy and industrial markets. Clyde Blowers industrial business interests comprise of David Brown Gear Systems, Maag Automatik Pump Systems, David Brown Hydraulic Systems, Clyde Bergemann Power Group and Interbulk plc.
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