Taiwan - Daewoo buys U.S. wind-power firm

Daewoo Shipbuilding & Marine Engineering Co., the world's second-largest shipyard by sales, acquired DeWind Inc. of the U.S. for about US$50 million to move into the wind-turbine industry as orders for vessels slumped. The shipbuilder bought all of DeWind's operating assets and liabilities from Irvine-based Composite Technology Corp., Daewoo Shipbuilding said in an e-mailed statement in Seoul today.

Daewoo Shipbuilding joins rivals such as Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. in expanding into new businesses as the global recession cuts demand for ships. Investments in clean energy may surge to US$450 billion in 2012 from US$150 billion in 2007 as the U.S. and Europe step up efforts to reduce emissions, according to Nomura Securities.

Daewoo Shipbuilding plans to build wind turbines using DeWind's technology to meet demand from the U.S., Canada and China. The South Korean company aims to invest US$70 million to develop new models and build a plant in North America, Daewoo Shipbuilding said in the statement

For more information please contact Trevor Sievert at ts@windfair.net