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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Leadership at Alphatron Marine

Alphatron Marine announced that Arno Metzemakers will join the company's management team as General Manager responsible for all operational matters worldwide, effective June 1.

PureBallast Nears Completion of USCG Testing Procedures

Alfa Laval saiys it continues to move swiftly towards the submission of a U.S. Coast Guard (USCG) type approval application for Alfa Laval PureBallast 3.1. The

Damen's Oranjewerf Yard ISO 9001:2008 Certified

Damen Shiprepair Oranjewerf (DSO) has become the latest Damen ship repair yard to receive ISO 9001:2008 certification, demonstrating that the yard fulfils the requirements

Offshore

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Prosafe Appoints Interim Chairman of the Board

Prosafe, owner and operator of semi-submersible accommodation vessels, informs that its Chairman, Harald Espedal, has notified the company that he will step down

Kongsberg Tech for Peruvian Arctic Research Vessel

Kongsberg Maritime has been chosen to deliver an integrated subsea technology systems package including two HUGIN Autonomous Underwater Vehicles (AUV) for a new

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | 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: 0.0874 sec (11 req/sec)