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17th October 2016, Kolding

GE acquires LM Wind Power

LM Wind Power – which in June this year unveiled the world’s longest ever glass and carbon composite wind rotor blade at 88.4 metres long – is to be acquired by GE (General Electric), the power conglomerate headquartered in Fairfield, Connecticut, which had sales of $117.4 nillion in 2015.

Doughty Hanson, the European private equity firm, has agreed to sell its stakes in LM Wind Power for an enterprise value of €1.5 billion.  The transaction is expected to close in the first half of 2017, subject to regulatory approvals.

LM Wind Power has a global manufacturing footprint of 13 sites in eight countries across four continents and continues to expand. © LM Wind Power

The acquisition is valued at 8.3 times the 2016 earnings before tax of LM Wind Power which was originally founded in 1940 as a furniture manufacturer and has evolved to become one of the leading manufacturers of rotor blades for the wind industry.

It has a global manufacturing footprint of 13 sites in eight countries across four continents and continues to expand. For the first half of 2016, the company reported sales of €491 million and EBITDA of €87 million which represented year-on-year growth of 40% and 81% respectively. 

LM Wind Power has produced more than 185,000 blades since 1978. © LM Wind Power

“The offer from GE makes clear commercial sense for the growth of LM Wind Power and we are absolutely delighted with the prospects of having a world leader as our owner,” said CEO Marc de Jong. “It provides us with the necessary stability, visibility and strength to continue to realise the ambitious growth plans of the business and fully utilise our advanced design and technology, improve our manufacturing capabilities and reliability, expand our global footprint and reduce the levelised cost of energy.”

LM Wind Power has produced more than 185,000 blades since 1978, corresponding to approximately 77 GW of installed wind power capacity which each year effectively saves approximately 147 million tons of CO2. This corresponds to the annual CO2 emissions from electricity used in 20 million US homes.

www.lmwindpower.com

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