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Moventas has announced the company is investing approximately 115 million euros in a new wind turbine gear factory located in central Finland. The new factory will double Moventas' wind turbine gear production capacity, the company says.

"Due to the establishment of a new factory, we will be able to develop our production capacity and technology in a rapidly growing market," says Ilkka Hakala, Moventas' president and chief executive officer.

According to the company, construction will commence this fall, with completion scheduled for late 2008. Because the factory will be constructed on completely new premises, the production facilities can be optimized for megawatt-scale wind turbines, Moventas adds.

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