Shipbuilder Acquires Wind Power Firm

17 August 2009 (Last Updated August 17th, 2009 18:30)

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has acquired the US-based wind power firm DeWind for $50m. The acquisition is an attempt by DSME to venture into the wind turbine sector due to a slump in vessels orders. All of the wind power firm's

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has acquired the US-based wind power firm DeWind for $50m.

The acquisition is an attempt by DSME to venture into the wind turbine sector due to a slump in vessels orders.

All of the wind power firm's operating assets and liabilities were purchased from Composite Technology, DSME said.

DSME will deploy DeWind's technology to construct wind turbines for the North American and Chinese markets, including a $70m investment to build a facility.

DSME joins competitors such as Samsung Heavy Industries and Hyundai Heavy Industries in venturing into new businesses as demand for ships drop due to the global economic crisis.