Last checked at 21 Dec 2010 11:52
The Weir Group PLC
21 December 2010
Wind power buy expands Weir's renewables presence
The Weir Group PLC has acquired a majority shareholding in wind power maintenance specialist, Ynfiniti Engineering Services SL ("YES").
Based in Madrid, Spain, and with subsidiaries in Portugal, Italy and the USA, YES provides operating and maintenance services to the growing installed base of wind turbines.
YES, projected to have sales of €10m (£8.5m *1) in 2010, had gross assets of €4.8m (£4.1m *1) at 31 December 2009. Core customers include Gamesa, Suzlon, Vestas, Alstom and Iberdrola Renovables.
Keith Cochrane, chief executive of Weir, commented: "Wind power continues to be a key focus for renewable energy investment worldwide. Our Power & Industrial Division is already seeing strengthening demand internationally for high quality maintenance and upgrade services for the increasing number of established wind farms. YES will greatly complement Weir's offering to this fast developing renewable power aftermarket."
Ignacio Esteve, managing director of YES, added: "Earlier this year we started working alongside Weir on a wind farm project in Scotland. Joining forces with Weir will transform our ability to offer on-the-ground services in new markets to leading turbine manufacturers. We are absolutely delighted at the opportunity this will offer our own employees."
Weir has acquired 76% of YES, the management team retaining the 24% balance, which Weir has an option to acquire within the next six years.
Weir has been developing its wind power presence organically from its Alloa, Scotland service centre. In conjunction with YES, Weir is providing maintenance services to Alstom at ScottishPower's Clachan Flats wind farm in Argyll, Scotland.
The YES wind power purchase follows Weir's November acquisition of leading hydro-power aftermarket specialist American Hydro, based in Pennsylvania.
Contact details:
The Weir Group PLC
Helen Walker, Public Relations Manager Tel. 0141 308 3739 (Mobile: 07789 032296)
Maitland Tel. 020 7379 5151
Suzanne Bartch
Rowan Brown
END
*1Exchange rate of £1 = €1.182 in London on 20 December 2010