Moventas Gears Oy has received an AA (Good) credit rating from the Finnish independent credit rating party, Suomen Asiakastieto Oy, which now includes Moventas in Finland’s strongest tier. The classification is a sign of a positive credit rating and that Moventas, which ended its corporate restructuring program in January, has performed well.
The financial restructuring of the Moventas company proceeded as scheduled and the remaining restructuring debt was paid on 15 January 2015. Simultaneously, the Santasalo industrial gear business was established as its own company, and Moventas Gears Oy now only concentrates on renewable energy business, namely gearbox manufacturing and O&M services for wind and tidal turbines.
Moventas’ net sales grew by over 120% in 2014, and the company’s profitability improved significantly. The business is estimated to grow this year, with a positive long-term outlook for both its gearbox manufacturing and service business. They are supported by the industry’s growth, for example the globally increasing demand of wind turbines and service needs of ageing fleets.
“The wind industry is under continuous cost pressure to make wind energy profitable in the long term without support mechanisms. As a component manufacturer, be it gearbox design or service, we specifically target the reduction of wind energy CAPEX and OPEX,” comments Moventas CEO Arto Lahtela.
“The improvement of our credit rating is a big deal to us and our interest groups. We have now proved we are in good form as a company and in excellent shape for growth,” Lahtela adds.
Filed Under: Components, Gearboxes, News, O&M, Policy, Turbines