Vestas Sells Tower Factory To China-Based Titan Wind Energy
| in News Departments > FYI |
| Vestas has entered an agreement to sell its tower factory in Varde, Denmark, to China-based Titan Wind Energy (Suzhou) Co. Ltd., a long-term partner and supplier to Vestas. In January, Vestas announced that it was closing the factory. But as a result of the agreement, the company says, most of the factory's 120 employees will keep their jobs. The acquisition of the factory - which produces towers for both onshore and offshore wind turbines - establishes Titan Wind Energy's global manufacturing footprint in Europe, the companies note. Vestas says the divestment of the facility will reduce its fixed costs while increasing partnerships and knowledge-sharing. The agreement must be approved by Chinese authorities, which is expected to occur shortly. Vestas will transfer the facility Sept. 1. |
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