August 28, 2008

Moventas receives orders for wind turbine gearboxes worth 140 million euros

The orders of wind turbine gearboxes received will secure that strong growth of the Wind Gears business continues also in 2009. The deliveries will take place in 2009.

The gearboxes will be delivered to the leading wind turbine manufactures, from where they are distributed to wind energy parks around the world. The delivered gearboxes will be installed to 1.5 - 2 megawatt wind turbines.

The orders demonstrate the strong confidence of turbine manufacturers in Moventas. Cooperation between the company and its major customers enables the continued development of competitive solutions to meet the demands of the booming wind energy sector, with an annual average growth rate of 25 %.

“These orders will boost funding for our ongoing investment program, the majority of which is focused on the improvement of the wind gear production capacity in Jyväskylä, Finland,” says Ilkka Hakala, CEO and President of Moventas. Part of the orders in 2009 can already be delivered from our new factory in Etelä-Keljo, which full capacity is achieved at the beginning of 2010”, continues Hakala.

For further information, please contact:
Ilkka Hakala, President and CEO, Moventas Oy, tel. +358 400 824696
Ahti Ahonen, Executive Vice President, Wind Gears, tel. +358 40 5062361

Moventas
Moventas is one of the leading experts in mechanical power transmission. The company designs, manufactures and markets mechanical power transmission solutions and services for the process and energy industries. In 2007, Moventas generated net sales of 291 million euros, representing 40 % growth from the previous year. The company has over 1,400 employees in Finland, Germany, Sweden, Canada, the USA, Singapore and China. European private equity investor IK Investment Partners holds the majority of the shares in Moventas.