Finnish wind power gear maker Moventas finds buyer

Moventas filed for bankruptcy earlier this year due to weak wind power gear demand and overcapacity, while two of its subsidiaries went into corporate restructuring.

Moventas Chief Executive Jukka Jaamaa said the company was seeking to reorganise its production in Finland and might cut up to 120 jobs. The company is also considering transferring some of its production to Asia.

He said the company’s net sales would fall this year from last year’s 193 million euros, though he saw sales growing again in 2012.

"We have new customers for wind power gear and binding orders for the second half of next year," Jaamaa told Reuters.

Clyde Blowers already owns David Brown Gear Systems, which also makes industrial gear and drive systems. CEO Jaamaa said the companies will seek synergies, although there are no plans to merge the two yet.

The Finnish company supplies equipment for turbine makers such as Vestas Wind Systems, REpower and General Electric, as well as various Indian manufacturers.

Its competitors include Winergy, owned by Siemens, as well as Hansen Transmission and Bosch Rexroth, part of Germany’s Robert Bosch.