Composite Tech Sells Turbine Business to DSME

Thursday, August 13, 2009

Composite Technology Corporation (CTC) (OTCBB: CPTC) announced that it has reached agreement to sell substantially all of the operating assets and operating liabilities of DeWind Inc., including its subsidiaries and certain assets of DeWind Ltd. to Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of Korea.

Under the terms of the asset purchase agreements, the sale price is approximately $46,500,000 for substantially all of the operating assets and operating liabilities of DeWind Inc., and approximately $3,000,000 for certain assets of DeWind Ltd., subject to certain possible post-closing adjustments. The transactions are subject to customary closing conditions and are expected to close within the next 30 days. As part of the transaction, most of the DeWind employees will move to DSME.

"This transaction will help DSME enter the global wind energy market and to establish a strong presence in that market. We will leverage DSME's world class engineering and manufacturing capabilities and DeWind's technology and experience to become one of the world leaders in the wind energy sector," said Sang Tae Nam, President and the CEO of DSME.

Benton H Wilcoxon, Chairman and CEO of CTC, stated, "I am pleased that a world class company has recognized the excellent design with leading-edge technology of the DeWind turbine. Furthermore with DSME's strength and manufacturing expertise, I believe that the DeWind team and its products will be able to accelerate growth plans. This transaction will allow CTC to focus its resources on its core-business of innovative high performance electrical transmission products."

RBS Securities, an affiliate of The Royal Bank of Scotland Plc, acted as exclusive financial advisor to DeWind. Milbank, Tweed, Hadley & McCloy LLP acted as legal counsel to CTC and DeWind. Macquarie Securities Korea Limited acted as financial advisors to DSME. Reed Smith LLP acted as U.S. legal counsel to DSME, and Shin & Kim acted as Korean legal counsel to DSME.

The execution of the agreements will be described in a Form 8-K to be filed with the Securities and Exchange Commission (SEC) within the next four business days.

(www.dsme.co.kr)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Offshore

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

Autonomous Technology for Offshore Wind Farm

ASV Ltd in association with Planet Ocean Ltd, have received funding from the GROW:OffshoreWind initiative to investigate how the use of Autonomous Surface Vehicles

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1126 sec (9 req/sec)