Daewoo Shipbuilding buys U.S. wind power firm for US$50 mln

SEOUL, Aug. 11 (Yonhap) -- 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 $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., 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., the world's No.2 shipbuilder, and other major local
shipyards are seeking to venture into the wind power sector as well.
sam@yna.co.kr
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