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Fuhrländer bankruptcy costs Windreich EUR 21 million
Credit: 15 August 2013 by Sara Knight | Windpower Monthly | www.windpowermonthly.com ~~
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German wind developer Windreich has revealed it was forced to write off EUR 21 million in 2012 following the bankruptcy of turbine manufacturer Fuhrländer.
Fuhrländer announced insolvency in September 2012. A few weeks earlier chairman Werner Heer had confirmed that Windgröße, a company owned by Ukrainian Maxim Efimov, had acquired 80% of Fuhrländer.
At the same time, Windreich owner Willi Balz said he still saw Fuhrländer playing a significant role in supplying turbines for its wind projects in southern Germany.
Windreich, which held a 9.45% stake in the bankrupt turbine manufacturer, revealed the figures in its annual results.
Overall, Windreich clocked up a net loss of EUR 10 million on revenue of EUR 101 million after a net profit of EUR 10 million on revenue of EUR 161 million in 2011, the company revealed.
In March, it was revealed a new company named FWT Trade has arisen out of the ashes of Fuhrländer. Wind turbine manufacturing is to be revived at the company before the end of 2013.
FWT Trade’s 40-strong workforce, formerly all with Fuhrländer, started business in February 2013, securing supplies of large components for companies producing Fuhrländer turbines under licence and provide turbine services and maintenance.
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