Moventas granted 4,1 million dollars clean energy manufacturing tax credit, prepares for expansions
Moventas prepares for expansions in USA and China - sells a factory in Finland.
Moventas, one of the largest wind turbine gear manufacturers in the world, sells its factory in Parkano to Takoma Oyj. The target for the transaction is to relieve capital for expansions in USA and in China. Debt-free transaction price is approximately 11 million euros. To support the investment in USA, Moventas was granted 4,1 million dollars tax credit from President Obama's stimulus package.
Moventas manufacturing units in Jyväskylä, Karkkila and Wuppertal, Germany provide readymade gears for wind turbines or industries, whereas Parkano is specialized in gear component manufacturing and subcontracting especially for marine industry. Thanks to the transaction, Moventas can now focus on its core capabilities according to its strategy.
- This way we can relieve capital and management resources to the international growth. Our target is to start building assembly lines in USA and in China and thus further develop our capabilities to serve our global customers like Vestas and GE, Jukka Jäämaa explains.
In USA, Minnesota the Faribault factory will serve both turbine manufacturers and wind farm owners in the strong Midwest wind concentration. The current industrial gear service center in Suzhou China will be expanded with manufacturing and assembly lines.
Selling the Parkano factory is part of the financing package for international expansions. Owners and management are exploring financing options. To support the intent in USA The American Reinvestment and Recovery Act granted Moventas with 4,1 million dollars in Advanced Energy Manufacturing tax credit.
- Tax credit supports our plans and speeds up the schedule for execution. We are very happy for national support in different countries promoting renewable energy forms and especially wind power, Jäämaa adds.
CEO & President, Moventas Oy
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