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South Korea’s CS Wind Corp. has acquired the world’s largest wind tower manufacturing facility from Danish wind turbine maker Vestas Wind Systems A/S at $150 million.
Under the agreement signed by CS Wind Chairman and CEO Gim Seong-gon and Vestas Wind Systems A/S CEO Henrik Andersen on June 3, CS wind will supply Vestas with 1.5 trillion won worth of wind towers from July this year to June 2026.
The wind towers will be manufactured at the US factory sold by Vestas to CS Wind.
The Colorado factory located in Colorado manufactures over 3,000 tower segments worth around 300 billion won annually.
CS Wind Chairman and CEO Gim Seong-gon expects the US factory to generate annual revenue of 1 trillion won after it completes capacity expansion by 2023.
He is also anticipating President Joe Biden's plan to install 60,000 US-made wind turbines within his tenure and relevant tax benefits to fuel the demand for wind towers in the country.
CS Wind currently operates factories in Taiwan, Malaysia, Canada, Turkey, Vietnam, and China. It exported 173 billion won worth of wind towers to the US from its Malaysia factory.
CS Wind, an industry leader in the global wind tower market, registered revenue of 242.1 billion won and an operating profit of 31.6 billion won in the first quarter.
Last year, it posted a revenue of 969 billion won, up by 21.2 percent from its 2019 revenue of 799.3 billion won. Its operating profit soared by 62.2 percent from 60.1 billion won in 2019 to 97.5 billion won last year.
CS Wind expects to achieve a 3 trillion revenue in 2024, according to Gim.
The CS Wind CEO noted that the company supplied over 12,000 wind towers in the last 17 years to clients worldwide.
