German wind turbine maker Senvion stops operations in 30 countries, curtails production
German wind turbine producer Senvion will shut down operations in about 30 countries around the world and focus on 20 “key markets” in Europe, Latin America and elsewhere, Bernd Radowitz writes for Recharge News. The company will also reduce its product range and drop several models from its portfolio, the article says. “This will have a significant, positive impact on our working capital, fixed costs and overall cost structure,” Senvion CEO Yves Rannou said, adding that the company was working hard to correct past mistakes.
Senvion’s shares have lost nearly 90 percent of their value since May 2018 due to falling prices and fierce competition in the wind power sector. The German wind power industry fears it could see a drastic fall in growth prospects as new capacity is being installed at a slower rate domestically, and international markets become increasingly competitive.