Wind power continued as a growth driver for Moventas in 2008 – net sales increased by more than 30 %
Moventas, a manufacturer of wind turbine gears and industrial gears, increased its net sales by 31 % to EUR 382 million in 2008. The past year was determined by the rapid growth including major capacity additions and 255 new employees.
The main driver of Moventas' net sales growth was the substantial increase of wind turbine gears demand globally. Net sales for the Wind Gears business area grew by more than 50 % to EUR 235 million. Also the net sales of the Industrial Gears business area increased from the previous year by 8 % to EUR 153 million.
Moventas reached EBITDA (earnings before interest, taxes, depreciation and amortization) of EUR 42 million representing 11 % of the total net sales in 2008.
In 2008 Moventas made significant expansions to its production capacity. Factory expansion investments amounting to approximately EUR 75 million were concluded in Karkkila and Jyväskylä, and a new wind turbine gear factory was started up in Jyväskylä.
"Moventas reached last year record high net sales with a significant growth especially in the Wind Gears business area. We carried out large investment projects to meet the increased global demand, and simultaneously improved our profitability. However, during the last quarter of 2008 we saw the first signals of temporarily weakening demand. We expect the year 2009 to be challenging due to the global financial crisis. In the long term the growth prospects for wind energy are still very good. During the ongoing year we will focus on the profitability and internal process development to be even better able to provide competitive solutions to our customers", says Jukka Jäämaa, President and CEO, Moventas.
For more information, please contact:
Jukka Jäämaa, President & CEO, Moventas, tel. +358 50 526 7665