Finland - Moventas continues investments in wind gear production

100 million euros investment to provide almost 300 additional jobs and two new production sites in Finland and the United States

Moventas, a leading supplier of wind turbine gears and industrial gears, continues its strong growth. The company will invest a further 100 million euros in wind turbine gear production. This will provide almost 300 additional jobs and two new production sites in Finland and the United States.

The annual wind energy market has been growing globally at a rate of roughly 30%. Moventas, a supplier of wind turbine gears, plans to capture an even bigger share of the market. The company aims to triple its current production capacity by the beginning of 2011.
The new investment program includes new production sites in the United States and Central-Finland. As part of the previous investment program, Moventas is currently building a new wind turbine gear factory in Jyväskylä, Finland.

Third production plant to Central-Finland:
The investment includes the construction of a new production plant to Jyväskylä, Central-Finland. The site will concentrate on production of ring gears, one of the main components in wind turbine gear units. The new production site will create around 200 new jobs at Moventas in Central-Finland. Full capacity will be achieved by the beginning of 2011.

As part of the previous investment program that started a year ago, Moventas is currently building a new factory in the Eteläportti area in Jyväskylä, Finland. Production will start at the end of 2008 and full capacity will be achieved at the beginning of 2010.

New assembly plant to United States:
The investment plan also includes the establishment of a new assembly plant in the upper Midwest area of the United States. The new plant will be in Faribault, Minnesota, about 45 miles south of Minneapolis, Minnesota. The U.S. Midwest has a concentration of wind industry businesses; turbine producers, component suppliers and operating wind farms.

The United States is one of the world's fastest growing wind power markets, with the annual installation of new capacity expected to double by 2010. Local production will further strengthen Moventas’ position in the robust U.S. market. The U.S. plant will employ about 100 employees primarily working in assembly and testing.

Production expansions in Karkkila and Parkano:
Moventas production sites in Karkkila and Parkano are currently focusing on industrial gears and components production. The sites will continue to serve OEM and process industry customers. However, the capacity will be further enhanced and used also for wind turbine gear production and service. Wind gear service development is part of the focus of Moventas strategy. The investment will further strengthen Moventas customer service in the wind gear business as well as the industrial gear business.

Gear units to more than 3300 wind turbines annually:
Groundbreaking for the new sites in the United States and Central-Finland will start during the fall of 2008. Production will start at the end of 2009 and full capacity is estimated to be in use from the beginning of 2011. With the new investment approval, the company’s production capacity will increase to 7000 MW.

“The decision to invest is a strong signal that Moventas wants to capture the growth of the business and to meet customer demand. Expansion of production in North America is a significant step closer to our customers and it strengthens our ability to meet the after-sales service demands in the market. On the other hand, the decision to build a third production site in Central-Finland indicates that we want to develop our expertise and technology in Finland also in the future,” states Ilkka Hakala, CEO and President of Moventas.

Moventas is one of the leading experts in mechanical power transmission. The company designs, manufactures and markets mechanical power transmission solutions and services for the process and energy industries. In 2007 Moventas created net sales of 291 million euros, representing 40% growth from the previous year. The company has over 1400 employees in Finland, Germany, Sweden, Canada, the USA, Singapore and China. European private equity investor IK Investment Partners holds the majority of the shares in Moventas.
Edited by Trevor Sievert, Online Editorial Journalist / Author: Moventas Staff
Moventas, wind energy, wind farm, renewable energy, wind power, wind turbine, rotorblade, offshore, onshore

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