- Category: Company News
AREVA signed an agreement with the private equity firm Bain Capital, setting out the legal and financial terms and conditions for the disposal of FCI, AREVA’s connector subsidiary. This agreement received approval from AREVA’s Supervisory Board held on 19 September. Since its inception in 2001, AREVA has been closely involved in FCI’s financial recovery. FCI can now pursue its development, based on a healthy industrial and financial situation. On the other hand, AREVA is planning to focus its resources on its core business, energy. Following a competitive process, AREVA retained Bain Capital’s offer, which is the best bid from a financial as well as industrial and social point of view for the reasons listed below:
o The transaction values FCI at an enterprise value of € 1.067 billion.
o Bain Capital, with the support of FCI’s management, is willing to implement an ambitious development strategy.
o Bain Capital offers significant social guarantees: continuity of social policies, location of FCI headquarters in Versailles, and preservation of the Communication Data Consumer division industrial sites in Europe as well as industrial sites in France for at least 3 years.
The closing should occur before the end of October subject to approval by the antitrust authorities, and to a decree following the recommendation of the French ‘Commission des Participations et des Transferts’. The disposal of FCI should have a positive impact of about € 500 million on the AREVA group’s 2005 consolidated net income and generate a positive cash flow of about € 850 million.
o The transaction values FCI at an enterprise value of € 1.067 billion.
o Bain Capital, with the support of FCI’s management, is willing to implement an ambitious development strategy.
o Bain Capital offers significant social guarantees: continuity of social policies, location of FCI headquarters in Versailles, and preservation of the Communication Data Consumer division industrial sites in Europe as well as industrial sites in France for at least 3 years.
The closing should occur before the end of October subject to approval by the antitrust authorities, and to a decree following the recommendation of the French ‘Commission des Participations et des Transferts’. The disposal of FCI should have a positive impact of about € 500 million on the AREVA group’s 2005 consolidated net income and generate a positive cash flow of about € 850 million.
- Category: Company News
On 3 October 2005 Paul Anthony was appointed new Chief Executive of LM Glasfiber with immediate effect. He is a very experienced international business executive who, during the past 20 years, has held several senior executive roles, including that of chief executive officer and executive chairman of a number of international energy companies. Paul Anthony will bring a wealth of knowledge about deregulated energy markets to LM Glasfiber, especially regarding renewable energy, as he recently successfully built Energy Power Resources into the largest renewable generator in the UK. He has a deep understanding of international business development and transformation, both of which are key to LM Glasfiber’s future. As Executive Vice President of the British Gas group from 2000 to 2002 he successfully headed the development of the BG group’s activities in the gas distribution sector in South America. Following his appointment, Paul Anthony will be looking to relocate to Denmark. Interim CEO Bob Mackenzie will remain closely involved with LM Glasfiber as it is intended that he will be elected to the Supervisory Board.
- Category: Company News
EU Energy plc and Voith Turbo GmbH & Co have announced a joint cooperation agreement for the development of the Voith WinDrive power transmission component for use in the new 60Hz DeWind D8.2 wind turbine. Under the terms of the agreement, EU Energy plc is granted exclusive usage of WinDrive units up to 2.6MW 60Hz until 2013.
- Category: Company News
Cooper and Turner, a UK manufacturer of industrial fastenings for the wind energy industry, has invested in new purpose-built office space to house all its customer-facing office functions. The project, which represents a significant investment by the company in its Sheffield base, was completed ahead of its scheduled October deadline. The company hopes that as well as providing a much more pleasant environment for employees and visitors alike the move will result in a noticeable improvement in customer service. The new building provides, for the first time, an opportunity for Cooper and Turner to bring its sales, technical, purchasing, despatch and scheduling departments into one open-plan office space. It is hoped that this integration of functions will result in significant process improvements that customers will begin to quickly recognise.
- Category: Company News
The AREVA group has announced that it has purchased a 21.1% stake in REpower. REpower employs 558 people and posted revenues of € 301 million in 2004. This acquisition reinforces AREVA’s strategic position in CO2-free generation and electricity transmission and distribution. REpower offers sales and industrial synergies with AREVA’s Transmission and Distribution division. AREVA will provide REpower with the resources it needs to develop in terms of financial support and its knowledge of utility customers and grid managers.
- Category: Company News
EU Energy plc has announced that an agreement has been entered into by EU Energy Wind Limited and Beizhong Steam Turbine Generator Co. Ltd (BSTG) of Beijing, China, for the non-exclusive licensing of the DeWind D8 2000MW wind turbine. BSTG’s access to wind farm projects will ensure DeWind technology plays a role in meeting the enormous demand in the growing Chinese market.
- Western Windpower relaunched as Nexgen
- REpower plans a temporary increase in the working week
- Thorsten Kramer new head of service at Nordex Energy GmbH
- Nordex expecting turnaround in the second half of year
- First half of 2005 for LM Glasfiber
- Early reappointment of Board members Vahrenholt and Schubert
- Partnership Schneider Electric and CEDRAT
- New Nordex Supervisory Board goes for continuity
- Half-Year results REpower Systems
- CTE creates a special department for wind turbines
- 3E Information Development & Consultants
- Bladt Industries wins contract for offshore wind project in the Netherlands
- Allianz to invest € 300–500 million in renewable energy
- Vestas evaluates purchase of assets from supplier of generators
- Vestas establishes a blade factory in China
- Vestas establishes nacelle assembly factory in Spain
- LM Glasfiber appoints new interim CEO
- Acquisition DeWind completed
- Vestas to build a large research and development centre
- Vestas opens office in Austria
- Gamesa purchases Fundición Nodular del Norte
- The A2SEA Group invests in next generation vessel
- Global Marine and SMIT announce cooperation agreement
- Nordex with a muted start to the new year
- Metso Drives continues as Moventas
- GE Energy’s wind unit expected to exceed US$ 2 billion in revenue
- First quarter figures of REpower Systems
- LM Glasfiber builds wind tunnel for testing rotor blade
- Nordex: non-cash capital increase now effective
- Annual general meeting of LM Glasfiber Holding