Chinese rivals vie to take over world’s largest wind power firm

The ill wind blowing the way of Vestas Wind Systems A/S has made the company vulnerable to a takeover bid by its rivals.

The Danish firm, the world’s leading maker of wind turbines, has become a takeover target by its Chinese rivals, Sinovel Wind Group Company and Xinjiang Goldwind Science & Technology Company, said a report by the Danish newspaper, Morgenavisen Jyllands-Posten or The Morning Newspaper.

Sinovel is the largest turbine manufacturer in China and the third largest in the world while
Goldwind is a state-owned wind turbine maker that is one of the top five in the world.

Vestas has floundered this year due to stiff competition and falling prices for its wind turbines. It was forced to eliminate some 2,300 jobs worldwide and close one manufacturing plant. It might yet axe some 1,600 jobs in the USA if the Production Tax Credit is not extended beyond this year’s deadline.

Vestas CEO Ditlev Engel refused to comment Monday when asked about the possible takeover.