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Nordex cautious on China joint venture prospects
June 5, 2012 / 9:47 AM / 5 years ago

Nordex cautious on China joint venture prospects

FRANKFURT, June 5 (Reuters) - Nordex’s Chief Executive Juergen Zeschky hit a cautious note on Tuesday regarding the wind turbine maker’s plans to enter a joint venture in China, the wind industry’s largest market.

“At the moment, we cannot make a reliable forecast regarding the chance of success for the joint venture’s formation, but there is a chance of more than 50 percent and we continue to pursue that goal,” he said in a speech script for Nordex’s annual general meeting.

In February, Nordex had been positive about striking a deal soon but pointed to “bureaucratic details” about two months ago that were hampering chances for a quick success.

The wind turbine maker is pursuing the deal to boost its business in China, where it made a loss of 8 million euros ($10 million) in 2011. On a group level, the company’s net loss for 2011 reached 49.5 million euros.

Nordex is partly owned by Germany’s Klatten family, which holds 24.99 percent of the company. Susanne Klatten is Germany’s richest woman and is also a major shareholder in German carmaker BMW. ($1 = 0.8003 euros) (Reporting by Christoph Steitz)

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