Korea’s CS Wind Buys Majority Stake in Portugal’s ASM Industries

 

CS Wind, Korean company which is the world’s largest manufacturer of wind towers, has acquired a 60% stake in Portugal’s ASM Industries.

The deal, worth EUR 46.5 million, was concluded on July 26, and aims to give greater financial muscle to ASM, based in Aveiro, center-north Portugal, according to Jornal de Negócios.

The Asian giant will invest EUR 100 million to boost production in Sever do Vouga and the port of Aveiro by 2023.

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Adelino Costa Matos, CEO of ASM Industries, told the newspaper 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.

According to the Portuguese executive the wind power sector  “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”.

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