Vestas Looks to US for Plant

With substantial orders from the United States market expected, Vestas Wind Systems said this week that it would soon build a wind turbine manufacturing plant in that country.

COPENHAGEN, Denmark 2002-03-18 [] A company official said because of sales expectations, a facility is planned soon, while final plans are still being worked out. Vestas has earmarked 1.8 – 1.9 billion crowns (US$220 million) for investments in 2002, of which much will be spent in the United States, according to the company. With plants currently located in Denmark, Germany, India and Italy, Vestas installed 2,294 MW of capacity in 2001, more than 30 percent of worldwide installations, according to the company’s annual report. The company employes more than 5,400 people. With the recent extension of the Production Tax Credit, orders to Vestas are expected soon. President George W. Bush signed the PTC as part of a larger economic stimulus package over the weekend reviving the stalled American wind industry. On Wednesday Vestas upgraded its sales forecasts for 2002 and 2003, notably due to a favorable outlook for wind power installations in the U.S., to 14 billion and 16 billion crowns, respectively, from 10.5 and 14 billion crowns.
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