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Clyde Blowers Capital buys Finland-based Moventas for €100m
15th November 2011
Clyde Blowers, the global industrial engineering group owned by Scottish entrepreneur Jim McColl, today (Tuesday November 15) announced that it had entered into a definitive agreement to buy the Finland-based Moventas Group from the bankruptcy estate of Moventas Oy – one of the world’s largest wind turbine gear manufacturers.
The business has been acquired for a price of €100m, and has been solely financed by equity investment and no third party bank debt, providing a robust balance sheet to support future growth. The aim is to close the acquisition before the year end.
The company has over 1,000 employees in 10 countries, with a worldwide partner network.
Jim McColl, chairman and chief executive of Clyde Blowers, said:
“Moventas is a very high quality engineering business with a fantastic product range, a strong dedicated management team with deep engineering capability and excellent customer relationships. Following completion of the acquisition, the business will be freed from the shadow of the bankruptcy and restructuring process that has restrained development of the group over the last five months.
“With a debt-free balance sheet and clear strategy for growth in place, we look forward to developing Moventas into a global champion, supporting the needs of its customers in the renewable energy and industrial markets.”
McColl added: “Moventas operates some of the most advanced, state of the art manufacturing and test facilities in the world and has an extensive product range. It is a leading independent player in the global wind turbine gearbox and drive solutions market with products extending across a wide range of wind turbines, from the kilowatt class up to multi megawatt scale turbines.
“The development of the company’s unique hybrid “fusion drive” will support the next generation of wind turbines for both onshore and offshore markets, and this plus other development initiatives underway will lead the next generation of products for the industry.
“Additionally, it has a world class capability and exceptionally strong product offering for a wide range of industrial markets and are well positioned for future growth. We are very excited about the future prospects for Moventas.”
Jukka Jäämaa, president and CEO of Moventas, said: “We are very pleased to get an excellent owner with an industrial background in Jim McColl. Clyde Blowers offers us stability and further development of our businesses. Moventas has a strong background in wind and industrial gear businesses and a global reach with factories in Finland, Germany, China and USA and service centres in six other counties in Asia, Europe and South and North America.
“We have world-leading companies as our customers, high engineering know-how and quality products to create an excellent starting point for the new era under the new ownership. To become part of the Clyde Blowers Group also significantly strengthens our position and opportunities on our main markets.”