Moventas receives AA credit rating - Business on a growth path
Renewable energy industry’s leading gearbox manufacturer and service provider Moventas has received an AA/Good credit rating. The wind industry’s growth and demand for new gearboxes as well as for service of ageing fleets help Moventas’ business to grow again this year.
Moventas Gears Oy has received an AA/Good credit rating from the Finnish independent credit rating party, Suomen Asiakastieto Oy, who now includes Moventas in its Finland’s Strongest class. The classification is a sign of good credit rating and the fact that Moventas, who ended its corporate restructuring programme in January, has performed well.
The financial restructuring of the Moventas companies proceeded as planned, and the remaining restructuring debt was paid on 15 January, 2015. Simultaneuously the Santasalo industrial gear business was established as its own company, and Moventas Gears Oy now only concentrates on renewable energy business, namely gearbox manufacturing and O&M services for wind and tidal turbines.
Moventas’ net sales grew by over 120% in 2014, and the company’s profitability improved significantly. The business is estimated to grow also this year. The long-term outlook is good for both Moventas’ gearbox manufacturing and service business. They are supported by the industry’s growth, e.g. globally increasing demand of wind turbines and service needs of ageing fleets. Moventas does not only service its own installed base but nearly all brands in the industry with 35 years of experience.
- The wind industry is under continuous cost pressure to make wind energy profitable in the long term without support mechanisms. As a component manufacturer we are on the right track, as everything we do, be it gearbox design or service, spefically targets the reduction of wind energy CAPEX and OPEX, comments Moventas CEO Arto Lahtela.
- The improvement of our credit rating is a big deal to us and our interest groups. We have now proved we are in good form as a company and in excellent shape for growth, Lahtela adds.