By Kari Williamson
The Moventas assets will be added to Clyde Blower's existing David Brown Gear Systems business.
“We are very pleased to get an excellent owner for us with an industrial background – Clyde Blowers offers us stability and further development of our business. This also significantly strengthens our position and opportunities on our main markets,” says President & CEO of Moventas companies Jukka Jäämaa.
“Moventas is a very high quality engineering business with a fantastic product range, a strong dedicated management team with deep engineering capability and excellent customer relationships. Moventas operates some of the most advanced, state of the art manufacturing and test facilities in the world and has an extensive product range. It is a leading independent player in the global wind turbine gearbox and drive solutions market with products extending across a wide range of wind turbines. Additionally they have a world class capability and exceptionally strong product offering for a wide range of industrial markets and are well positioned for future growth. We are very excited about the future prospects for Moventas,” adds Chairman and CEO of Clyde Blowers, Jim McColl.
Restructuring at Moventas
“To ensure that the core operations of gear production can remain in Finland, reorganising and downscaling are completely necessary regardless of the acquisition. We have world-leading companies as our customers, high engineering know-how and quality products, but the excess capacity heavily strained our financial status, leaving us loss-making. Implementation of the corporate restructuring program offers us an excellent starting point for future success,” Jäämaa says.
The companies aim to close the acquisition before the year-end.