Economic crisis and industry challenges were clearly visible in the year 2009 results for Moventas, wind gear and industrial gear manufacturer. Net sales was EUR 237,4 million, 38 % less than in 2008 when the growth was at its height. EBITDA was EUR 11,8 million, 5 % of net sales.

- Economic downturn affected the demand of our products on many levels; financing wind power and industrial projects was especially difficult and that troubled  the whole supply chain. Our customers cancelled and postponed orders and to prove our commitment to long-term co-operation we wanted to be flexible and adapt our own operations, says Jukka Jäämaa, Moventas CEO.

Moventas believes in strong long-term growth of wind gears demand but expects recovery to start earliest during the second half of the year 2010. On the industrial gear side activity level has already risen.

- During the first months of this year we have got new orders especially from pulp and paper industry. On the wind gear side we will further develop our abilities to serve our global customer base. Service market is in rapid growth and our focus there is on enhancing our global service network, Jäämaa lists.

Michael Rosenlew continues as the Chairman in Moventas board, Juha Rantanen as Vice Chairman and Anders Björkell, Jukka Jäämaa and Kristian Kemppinen as board members. In addition the board was strengthened with German Detlef Dinsel, a partner at IK Investment partners. Also Orvo Siimestö from CapMan returns to board after a break of one year. Wilhelm Laurén steps aside from Moventas board.

More information

Jukka Jäämaa , Moventas Oy,
CEO & President, +358 50 526 7665, jukka.jaamaa(@)moventas.com

Moventas is one of the largest manufacturers of wind turbine gears in the world. The company also manufactures power transmission solutions for industry use and provides services for their overhaul and maintenance. Majority of the products' end use is connected with renewable energy. In 2009 Moventas generated net sales of EUR 237 million. The company has approximately 1300 employees in 8 countries globally with a world-wide partner network. European private equity investor IK Investment Partners holds the majority of the shares in Moventas. www.moventas.com