Vestas to speed up growth in service segment - report

Dec 11, 2012 - Danish Vestas Wind Systems A/S (CPH:VWS) will seek to accelerate growth in its service business, rather than striving to capture market shares, CFO Dag Andresen told Danish business daily Dagbladet Borsen on Monday.

"It is better to deliver wind turbines of 500 MW at a profit than 800 MW at a big loss," Andresen said. Being a market leader does not necessarily mean being profitable, he added.

According to the CFO, Vestas expects to keep its market shares for wind turbines, but it will not strive to expand or defend market shares that are not profitable.

Currently, Vestas has some 5,000 employees in its service unit, which installs and maintains wind turbines. In terms of market share, the Danish company is the world's biggest wind turbine producer, with a share of 12.9%, followed by Chinese Xinjiang Goldwind Science & Technology (HKG:2208) with 9.4% and GE Wind, part of General Electric Co (NYSE:GE), with 8.8%. The figures are from BTM Consult statistics for the top 10 wind turbine makers by new installations in 2011.

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