SEOUL, KOREA - CS Wind Corp., a wind power parts supplier, will list its shares on the market by the second half of 2014 despite the industry-wide downturn and a slump in the IPO market. Kim Sung-kwon, chairman of CS Wind, said, "Of the 300 to 400 wind power companies in the world, we took the No. 1 position last year in terms of financial performance. We will publicly list our shares by the latter half of next year." To that end, the company has selected two securities firms as principal underwriters.
The company's sales revenue has increased last year to 298.8 billion won from 149.3 billion won in 2010, with net profit jumping to 16.1 billion won from 9.5 billion won during the same period.
CS Wind has had its share of difficulties following the 2008 global financial crisis and the ensuing downturn in the wind power industry. The company had relied almost exclusively on Denmark's Vestas Wind Systems A/S, the world's largest wind turbine manufacturer, for sales of its wind turbine parts. As Vestas stumbled after the financial crisis and the Europe-wide fiscal crisis, losing its 12-consecutive-year No. 1 position in the world, CS Wind too fell into a serious trouble. Eventually, it overcame the predicament by enlisting GE and Siemens as new clients.
CS Wind specializes in making wind towers. It has a particular specialty in welding and coating of towers that support the wings and turbine weighing more than 60 tons.
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