Daewoo Shipbuilding buys wind turbine firm
South Korea's Daewoo Shipbuilding and Marine Engineering said on Tuesday it has acquired a US wind turbine maker for US$50 million (S$72 million) in a bid to help diversify its revenue source.
The acquisition of DeWind is part of expansion efforts by the world's third-largest shipyard amid falling demand for its core businesses, Daewoo officials said.
DeWind, formerly affiliated with US-based transmission and cable maker Composite Technology, specialises in developing, designing and marketing wind power turbines, Daewoo said in a statement.
Daewoo plans to invest some $70 million in DeWind to develop new turbine models in the near future, it said.
The shipbuilder also plans to expand DeWind's business, including the building of a factory in North America and what will eventually be a 420-turbine wind farm in Texas, it said without giving a timeframe.
DeWind has so far supplied 710 wind power turbines to the United States, China and other countries in Europe and South America.
Other South Korean shipyards, such as Hyundai Heavy Industries and Samsung Heavy Industries, are also seeking to venture into the wind power industry.
The acquisition of DeWind is part of expansion efforts by the world's third-largest shipyard amid falling demand for its core businesses, Daewoo officials said.
DeWind, formerly affiliated with US-based transmission and cable maker Composite Technology, specialises in developing, designing and marketing wind power turbines, Daewoo said in a statement.
Daewoo plans to invest some $70 million in DeWind to develop new turbine models in the near future, it said.
The shipbuilder also plans to expand DeWind's business, including the building of a factory in North America and what will eventually be a 420-turbine wind farm in Texas, it said without giving a timeframe.
DeWind has so far supplied 710 wind power turbines to the United States, China and other countries in Europe and South America.
Other South Korean shipyards, such as Hyundai Heavy Industries and Samsung Heavy Industries, are also seeking to venture into the wind power industry.