German drive specialist Flender – owner of the Winergy gearbox and generator brand – has reached a deal to buy Finnish gearbox manufacturer Moventas from investor N4 for an undisclosed amount.
The acquisition comes after German industrial conglomerate Siemens last year sold Flender to US investor the Carlyle Group for €2.03bn ($2.31bn). Flender now operates as an independent company.
“Moventas is a well-known brand in the wind industry. We are very fond to have their expertise and capacities under our roof now,” said Flender chief executive Andreas Evertz.
“With gearboxes, generators, couplings, integrated drivetrains and a comprehensive multi-brand service portfolio we are the unique partner for the wind market.”
The announced acquisition of Moventas comes amid recent brutal downward cost pressures in the wind sector that led to a consolidation of wind turbine suppliers - following up on the heels of several high-profile mergers and acquisitions at turbine OEMs themselves in recent years, such as Nordex and Acciona Windpower or Gamesa with Siemens Wind Power.
A gearbox is a key component of (most) wind turbines to increase the rotational speed from a low-speed rotor to a high-speed shaft connecting with an electrical generator.
With an installed base of 22GW, service know-how and multi-brand capabilities, Moventas will be the lever for further growth in Winergy’s service business, Flender said. The Finnish company would also add 3GW in gearbox assembly capacities.
The acquisition is subject to approval by authorities, and expected to close in the summer of this year.
“Together, we continue to provide the wind market with cutting-edge technologies and services. Our partners will profit from increased capacity, availability, and further reduced reaction times” said Aarnout Kant, president wind gears at Flender.
