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- Category: Company News
The Supervisory Board of REpower Systems AG decided on a reduction of their Management Board from five members to three as part of their REact restructuring programme at an extraordinary meeting on 6 April 2005. The Supervisory Board had already approved a restructuring plan devised by a business consultancy at their meeting of 16 March 2005. The tasks of the Management Board will thus in future be carried out by Prof Dr Vahrenholt as Chairman of the Board (CEO), Pieter Wasmuth as Finance Manager (CFO) and Matthias Schubert as Manager of Operating Business (COO).
- Category: Company News
The Boards of Crompton Greaves Ltd, an industrial conglomerate based in India, and Pauwels Group, a transformer manufacturer with headquarters in Belgium, have voted in favour of a strategic merger of their organisations in pursuit of future profitable growth through increased global competitiveness and the joint development of fully integrated solutions. To achieve this strategic objective, Crompton Greaves has offered to acquire all of the share capital of Pauwels Contracting NV, the holding company of the Pauwels Group, in a transaction that should be completed by the end of April 2005.
- Category: Company News
On the basis of provisional figures, Nordex AG shareholders have subscribed to an expected 10.2 million new shares arising from the cash capital increase in the subscription period that expired on 15 March. As a result, Nordex is able to offer the CMP and Goldman Sachs investor group sufficient new shares that have not been subscribed by the existing shareholders to successfully complete the recapitalisation. Accordingly the investors have a contractual obligation to take at least 30 million new shares, as the condition precedent for the acquisition of at least 52% of Nordex AG’s share capital has been fulfilled. As well as this, the responsible tax authorities have recognised the restructuring privilege for tax loss carry-forwards, a further precondition for recapitalisation. With the successful cash capital increase under the terms of which at least 30 million shares are to be issued at a price of € 1 each, a further prerequisite upon which continued bank financing was contingent will also be met. Thus, the banks will reduce their loan receivables by around € 28 million in return for the issue of around 12 million new shares – or implement an alternative plan with comparable economic results – and grant the company new cash and bonding facilities of € 50 to 60 million.
- Category: Company News
LM Glasfiber expects to reduce its production capacity at the Lunderskov factory in the immediate future. The factory is one of their three plants in Denmark. The capacity adjustment is prompted by the continued decline in the German market, which is LM Glasfiber’s most important market in Northern Europe. About 170 employees are expected to be affected by the capacity adjustment. LM Glasfiber will offer retraining programmes to employees affected by the lay-offs, helping them to move on to another job or education opportunity, as they may desire.
- Category: Company News
Robert Gleitz has been named General Manager of GE Energy’s wind segment, reporting to Mark Little, Vice President – Power Generation for GE Energy. A graduate of Institut National des Sciences Appliquees de Lyon (INSA) in France, Gleitz holds a diploma in science and energy engineering. He began his career at GE in 1999, following the company’s acquisition of Alstom. During his tenure, he has provided leadership within a variety of energy technologies. He has served as Director of GE Energy’s European projects group, as well as Commercial Director supporting sales and commercial operations for GE. More recently, Gleitz served as Managing Director of GE Energy Products Europe, based in Belfort, France.- Category: Company News
At the annual general meeting, Nordex AG’s shareholders passed the resolutions approving the recapitalisation plans with a majority of over 99.8%. Initially, two shareholders each with 100 shares voted against all resolutions, but they withdrew their objections a week later. The recapitalisation model contains the following main elements: o a ten-to-one reduction in the company’s capital o a cash capital increase of at least 30 and up to 41.64 million new shares o a reduction in bank liabilities by around € 28 million through the issue of up to 12 million new shares or an alternative solution with a comparable economic effect o a renewal for a further four years in the existing credit facilities o an increase of up to € 60 million in the credit facilities.
- Research grant for wind turbine manufacturer
- LM Glasfiber announces financial results for 2004
- Launch of Econnect Construction
- Zephyros BV declared bankrupt
- New staff appointed at MacArtney
- NRG holds grand opening for new building
- Wind Prospect’s megawatt record
- DeWind back in business
- REpower revises earnings forecast for 2004
- Change in the board of management of Vestas Wind Systems A/S
- Nordex’s 2003/04 financial statements on target
- New president and CEO of NRG Systems
