HELSINKI Finnish wind turbine and industrial gear maker Moventas is being bought by UK-based private-equity firm Clyde Blowers for 100 million euros ($136 million), the companies said on Tuesday.
"Moventas has got very strong product capability and excellent manufacturing capabilities. We think Moventas is actually well positioned to grow in these global markets," Clyde Blowers Capital's partner Douglas Hawkins told Reuters.
Moventas filed for bankruptcy for two of its subsidiaries earlier this year due to weak wind power gear demand and overcapacity.
Moventas Chief Executive Jukka Jaamaa said the company was seeking to reorganize its production in Finland and might cut up to 170 jobs. The company is also considering transferring some of its production to Asia.
"The center of the production will remain in Finland," Hawkins said.
Jaamaa 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 said.
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.
($1 = 0.734 Euros)
(Reporting by Jussi Rosendahl and Terhi Kinnunen; Editing by David Holmes and Hans-Juergen Peters)