South Korea’s CS Wind has acquired the remaining 40 per cent stake in the Portuguese wind turbine tower manufacturer, ASM Industries, from WAM Investments.
This transaction follows the sale of the 60 per cent stake in ASM by WAM to CS Wind in July 2021.
WAM said the two partners concluded that the most advantageous solution for the ASM at the present moment is CS Wind assuming full control. Adelino Costa Matos will also resign from its CEO position on the closing of the transaction, WAM said.
”It has been a fantastic cycle where, together with an amazing team and the support of main stakeholders, we have transformed ASM Industries into one of the major producers of wind towers in Europe, after an ambitious expansion plan, focused in the reinforcement of production capacity in the onshore plant and also in the creation of a state-of-the-art offshore facility in Aveiro Port, Portugal,” said Costa Matos , the founder of ASM.
”We feel extremely proud of our journey, possible with much resilience, boldness and commitment, having created the bases of a new offshore industry in Portugal, growing the company more than five times in six years but, at this moment, what best serves the interests of the company is the exclusive control by CSWIND, in a new cycle that now initiates.”
After first announcing its offshore wind plans in the summer of 2017, ASM Industries signed a concession agreement with the Port of Aveiro Administration (APA) to build an industrial production unit dedicated to offshore wind in Port of Aveiro and inaugurated a new wind tower production line in Sever do Vouga, Portugal, at the end of 2017.
The company started the construction of the factory in the the Port of Aveiro in 2018 and put it into operation the following year .
ASM Industries has since then delivered some of the floating foundations for the WindFloat wind farm offshore Portugal and towers for the Dutch Windpark Fryslân wind project, the world’s largest wind farm built in a body of fresh water.
CS Wind, which has been contracted to deliver towers by Vestas and Siemens Gamesa for several projects using their turbines, including those in Taiwan.