Turbine manufacturer posts increased earnings

Last edited: Friday, 7th November 2008, 3:01 pm
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Despite the economic downturn, Vestas, the world's largest wind turbine manufacturer, has posted a growth in 3rd quarter earnings up from €102m to €130m.

Vestas' market share is expected to rise to 25 percent by the end of 2008. Though Vestas expects to have close to 20,500 employees, following an intensive year of recruiting, it has announced that it is not planning to increase its workforce over the next year, and have already begun to postpone some employments due to the credit squeeze.

Speaking on CNBC, Vestas' CEO, Ditlev Engel, said:
"Firstly, we are forcasting a 25% growth next year, which I think is not insignificant. Secondly, I think, it is important to say that the number of people we have already put in place are there now.  We are up to 20,000 people.  We are just waiting a little bit to put more on board.

"We are investing €1.2bn next year... we are confident it will come... if things change we can ramp it up very fast."

Responding to the drop in oil price over the past few weeks, Engel added:
"The consquences of the climate crisis is going to be a lot more severe than a financial crisis.

"Irrespective of what the oil costs we still have a CO2 issue.  Let's see where it is a few months from now. When it comes to energy, our customers are making a 20 years' horizon on their investment."

 

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