Samsung Heavy turns to wind turbines as demand for ships falls

South Korea’s Samsung Heavy Industries says it is diving headfirst into the wind-turbine manufacturing business, and will be making 500 turbines a year by 2015.

The announcement comes as Samsung Heavy, the world’s second largest ship-maker, faces a slump in global demand for new shipping vessels. The technology to make the key component for wind turbines is similar to the one used to make ship propellers.

Making 500 turbines a year would contribute 3 trillion won ($2.4bn) to Samsung Heavy’s bottom line. The company says it may eventually raise production to as many as 1,600 turbines a year as it looks to expand into booming wind markets such as China and India.

Seoul-based Samsung Heavy says it is Log in to read complete article.

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