LM Glasfiber said the capacity expansion in Qinhuangdao is based on a number of firm contracts signed with both Chinese and international wind turbine manufacturers who are expanding their business in the growing Chinese market. Ian Telford, LM Glasfiber vice president for sales and marketing, said he believes the company’s strength in profile design for extra energy production and expertise in producing longer blades will increase its business with the growing number of Asian wind turbine manufacturers.
The decision to build the facility resulted from a large blade supply agreement signed earlier in 2009 with Xinjiang Goldwind Science & Technology (Urumqi, Xinjiang / China; en.goldwind.cn). LM Glasfiber and Goldwind entered a strategic collaboration at the beginning of 2007 for shipments of blades totalling more than 1,100 MW for Goldwind’s 1.5 MW wind turbines over the 2009 to 2012 period.
LM Glasfiber's sales improved significantly in 2008, with revenues rising 53% to EUR 885m. Operative outcome increased to EUR 91m (EUR 40m in 2007) while Ebitda climbed to EUR 145m (EUR 75m). Since new investments had to be postponed due to the economic crisis, CEO Roland Sunden expects 2009 sales to be on a par with those of 2008.
LM Glasfiber annual report 2008 as a PDF document (1,693 KB)