Clyde Blowers completes Moventas acquisition
Clyde Blowers, the global industrial engineering group, is pleased to announce that it has successfully completed the acquisition of wind turbine gear manufacturer Moventas Wind Oy and industrial gear manufacturer Moventas Santasalo Oy from the bankruptcy estate of Moventas Oy.
Clyde Blowers signed the share purchase agreement to acquire the companies on 14 November, 2011. The closing conditions included approval by the relevant competition authorities and approval of the restructuring programs by the creditor bodies and local district court.
“The closing took slightly longer than originally expected, but we are pleased that we can now turn our focus on development of Moventas with our new owner. Our future outlook is promising”, commented President & CEO of the Moventas companies, Jukka Jäämaa .
The Moventas companies continue to carry out their court approved restructuring programmes. The programmes include measures designed to place the companies on a stable financial footing to support the long term growth of the business. The financial position of the companies is now strong, thanks to the mechanism in the restructuring programmes that releases them from the burden of certain debt in existence at the time of commencement of the administration proceedings in addition to new equity injected as part of the acquisition financing.
Jim McColl , Chairman and Chief Executive of Clyde Blowers, said:
“We are delighted to have completed this acquisition and can now start to build Moventas into a leading global gear systems supplier to the wind and other industrial markets. Moventas has vast untapped potential, extensive manufacturing and product capability to serve its markets, and a dedicated workforce who have remained loyal to the business during last year’s uncertainty.
We look forward to a very bright future and working closely with the team at Moventas to achieve our growth ambitions.”