Library filed under General from Denmark

Vestas stops non-profitable projects in recovery hunt

The company's chief financial officer, Dag Andresen, said Vestas would stop and close down all non-profitable projects in areas such as research and development. Products which cannot reach the market within 18 months or will not be profitable for the firm within 24 months will be put on the chopping block, he said.
3 Oct 2012

Vestas reveals Norremark deals could cost EUR18 million

Vestas has announced it is terminating its severance agreement with former chief financial officer and deputy CEO Henrik Norremark, citing unauthorised deals costing the company "up to EUR 18 million". ..."[Norremark] seems to have entered into agreements in violation of the company's internal provisions regulating his power to bind the company as well as the company’s interests in general.
2 Oct 2012

Vestas to scale down India operations

Vestas, the world's biggest wind turbine manufacturer, has decided to "scale down its sales efforts in the Indian market''. Vestas is currently implementing a global re-organisation plan to develop a "more scalable and flexible organisation" and cut cost by €250 million by the end of 2012.
25 Sep 2012

Vestas plunges amid cash shortage concerns

"Vestas' stock has experienced wild swings over the past weeks as worries about the balance sheet and press reports about a potential strategic investor grabbed the headlines," Prozesky said. "Our view has been that the stock is largely ‘un- investable' given these two potential extreme outcomes."
12 Sep 2012

Banks want Vestas-Mitsubishi deal by 2013

A group of international banks have given Vestas Wind Systems a deadline of Jan. 1, 2013, to reach a strategic deal with Japanese industrial giant Mitsubishi Heavy Industries Ltd. seen as shoring up the troubled Danish wind turbine maker's finances, according to news reports.
6 Sep 2012

Denmark's energy industry faces new headwinds

Vestas depends on the US for one-fifth of its orders, making it highly sensitive to US market conditions. Decades ago, California had tax breaks which became a boon for the Danish company. When those ended Vestas barely survived. The same sort of crisis could come this December, if Congress decides not to extend a production tax credit that underpins the US wind industry.
27 Mar 2012

Vestas a victim of its own propaganda

Only those in complete self-denial would dispute that the wind power industry suffers from overcapacity, a legacy of the pre-crisis turbine construction boom when oil and gas prices were at near-record levels and few had yet appreciated the competitive challenge of shale gas. In the fat years, wind and solar power companies were tempted into extravagant investments that exploited their soaring equity prices.
1 Mar 2012

Obstacles to Danish Wind Power

"Electric cars are basically big batteries on wheels that have the virtue of being largely paid for by consumers and managed by companies like ours," Mr. Andersen said. "That's a hugely attractive proposition for utilities in countries like Denmark that need to find outlets for their renewable energy."
23 Jan 2012

Wind turbine maker's shares plunge 19%

The company slipped into the red in the third quarter of 2011, posting a net loss of 60 million euros down from a profit of 187 million a year earlier. ..."Vestas has gone from being a business that earns money to suddenly posting a loss. Investors will have to address the fact that Vestas is not living up to expectations."
4 Jan 2012
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