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Press release Box-ID: 973146

Senvion Deutschland GmbH Überseering 10 22297 Hamburg, Germany http://www.senvion.com/gmbh/de
Contact Mr Dhaval Vakil +44 20 7034 7992
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Senvion Deutschland GmbH

Senvion enters into non-binding exclusivity agreement with Siemens Gamesa for the sale of selected Services and Onshore assets in Europe

(PresseBox) (Hamburg, )
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- The envisaged transaction comprises the selected Services and Onshore assets in Europe
- Creditor's committee unanimously approves entering into an exclusivity agreement with Siemens Gamesa

Senvion today announced that it has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations for the sale of selected Services and Onshore assets in Europe. The agreement was approved unanimously by Senvion's creditors' committee. The approval of the insolvency plans by the creditors' assembly on 11 September enabled this transaction.

The parties are now entering final negotiations and, if final agreements are reached, expect that the necessary decisions will be taken by the end of September.

The financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place. Wind turbine continuation projects are underway and will secure a majority of production jobs for the next months, with some going into 2020. For the remaining business areas, the company continues to explore further options and negotiations with investors.

Yves Rannou, CEO of Senvion, said: "Today's announcement means that we are close to finding a safe harbour for a significant part of the business and substantial parts of its employee base. In these difficult circumstances, these are positive news. Looking ahead to the weeks to come, the management team will continue to put all efforts behind finding the best solutions possible for the rest of the business."
 

Senvion Deutschland GmbH

Senvion is a leading global manufacturer of onshore and offshore wind turbines. The company develops, produces and markets wind turbines for almost any location - with rated outputs of 2 MW to 6.33 MW and rotor diameters of 82 metres to 152 metres. Furthermore, the company offers its customers project specific solutions in the areas of turnkey, service and maintenance, transport and installation, as well as foundation planning and construction. The Senvion systems are mainly designed in the major TechCenters in Osterrönfeld and Bangalore and manufactured at its German and Portuguese plants in Bremerhaven, Vagos and Oliveira de Frades as well as in Żory-Warszowice, Poland and Baramati, India. With approximately 3,500 employees worldwide, the company makes use of the experience gained from the manufacture and installation of more than 8,200 wind turbines around the world. The company's operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Spain, Sweden, and Poland as well as on a global level in the USA, China, Australia, Japan, India, Chile and Canada.

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The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.