- Vestas will move to consolidate its position in the offshore wind turbine manufacturing market.
- The company plans to commence the sale of its 15MW wind turbine this year.
The world’s foremost wind turbine producer Vestas intends to shift its focus to integrating its latest offshore wind business this year. The company said this on Wednesday as it posted its fourth-quarter sales which were slightly above projections. The company which previously focused on onshore turbines wants to expand its offshore equipment manufacturing after the full purchase of its joint venture with Mitsubishi Heavy Industries.
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Vestas CEO, Henrik Andersen stated that “our focus in 2021 will be to fully integrate offshore and address executional challenges.” The company already has plans to introduce a 15MW offshore wind turbine (the largest it has ever made) as it looks to dominate the offshore market.
This year, Vestas expects to generate between €16 billion to €17 billion in revenue with an operating profit margin before special items between 6 per cent to 8 per cent. Revenue was €4.3 billion marginally higher than the €4.2 billion expected. Profits (before special items) was €358 million ($434.1 million below the average estimate of €472 million. Vestas intends to propose a dividend of Kr.8.45 ($1.38) per share; this is about 30 per cent of its annual net profit.