Daewoo shipbuilding buys u.s. wind power firm for US$50 mln

Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said Tuesday it has taken over a U.S. wind power company for US$50 million as part of efforts to diversify its revenue source amid falling new orders. DeWind Inc., founded in 1995, is an affiliate of U.S.-based Composite Technology Corp. which manufactures transmission and distribution cable products.
DeWind has delivered a total of 710 wind power turbines with an output rating of 1.25 megawatt and 2.0 megawatt to countries in Europe, China and other regions.
Daewoo Shipbuilding said it plans to spend US$70 million to help DeWind develop new models and to build a wind farm in Texas in the future.
Daewoo Shipbuilding's latest foray into the wind power business underscores local shipbuilders' efforts to launch new businesses amid falling new orders.
Hyundai Heavy Industries Co. (KSE:009540), the world's largest shipbuilder, is working on a 102-billion won project to build the country's largest wind power plant.
Samsung Heavy Industries Co. (KSE:010140), the world's No.2 shipbuilder, and other major local shipyards are seeking to venture into the wind power sector as wel