The world's largest manufacturer of wind towers has acquired a 60% stake in ASM Industries for €46.5 million.
The Korean company CS Wind, the world’s largest manufacturer of wind towers, has acquired a 60% stake in Portugal’s ASM Industries for €46.5 million. The operation, concluded on July 26, promises to give greater financial muscle to the Aveiro producer, according to Jornal de Negócios.
In a sector that “requires a lot of scale”, the company needed capital to ensure “a series of signed contracts with several million euros worth of orders”. “Portuguese companies have a bit of this gap in financing capacity and we thought it made sense to have a partner to support us,” Adelino Costa Matos, CEO of ASM Industries told Jornal Negócios.
The Asian giant will invest €100 million to boost production in Sever do Vouga and the port of Aveiro by 2023. The CEO of the Portuguese company said that this investment aims to “double production in the two units to reach 400 onshore towers and 140 offshore towers in the next two and a half years. The investment and the timing will be very aggressive. We want to be operating in 2023 with all this capacity already installed,” highlights Adelino Costa Matos.