Vestas mulls 'strategic cooperation' with Mitsubishi
By Erik Siemers
Danish wind turbine manufacturer Vestas, which keeps its North American sales and service headquarters in the Pearl District, on Monday said it is discussions with Mitsubishi Heavy Industries regarding "a potential strategic cooperation."
Danish wind turbine manufacturer Vestas Wind Systems on Monday said it is in discussions with Mitsubishi Heavy Industries regarding "a potential strategic cooperation."
The company didn't define what it means by a "strategic cooperation," but it has repeatedly been the subject of takeover speculation.
|Take a virtual tour of the new Vestas HQ >>|
Vestas employs around 400 at its North American sales and service headquarters in the Pearl District. Spokesman Andrew Longeteig last week said the number of job cuts in North America haven't been decided, but the company remains committed to the region.
"We are committed to the North American market, but we also need to be flexible to adapt to changing market demands," he said.
Japan-based Mitsubishi Heavy Industries makes a broad mix of products, from rockets to cargo ships to nuclear energy plants. It's also a player in the wind energy industry. According to its web site, Mitsubishi Heavy Industries has been researching and developing turbine technology since 1980 and has delivered more than 2,250 units worldwide.
In a press statement Tuesday, Vestas only confirmed that it is in dialogue with Mitsubishi, saying it would make an announcement only if the talks result in an agreement.
In April, the company's shares jumped after a Danish newspaper reported that China's two top turbine manufacturers, Sinovel Wind Group and Xinjiang Goldwind Science & Technology Co., were preparing bids to acquire Vestas. Its shares fell, though, after those rumors dissipated.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.