Wind sector manufacturers holding prices - Gamesa
MADRID, July 8 (Reuters) - The wind power sector has cut supply and investment rather than prices to adjust to lower demand, the chairman of Spanish wind turbine maker Gamesa (GAM.MC) said on Wednesday.
"Because of the crisis, the industry will slow its deliveries to match supply with demand and avoid entering a dangerous spiral of price reductions," Guillermo Ulacia told a conference.
"We are not at the rate of production we should be. As this is a global crisis, the Spanish industry is finding that the slowdown in investment in Spain is not being offset by investment abroad," he said.
Gamesa was in good shape and would grow at similar rates to those in the past five years once the crisis was over, he said.
Gamesa expects net profit to fall in 2009 versus 2008 [ID:nLT103705]. (Reporting by Clara Vilar; Editing by Dan Lalor)
