Broadwind Energy Reaches Agreement to Acquire Red Wolf Company, LLC
January 30 2017 - 9:15AM
Broadwind Energy, Inc. (NASDAQ:BWEN) today announced that it has
reached agreement to acquire Red Wolf Company, LLC, a
privately-held fabricator, kitter and assembler of industrial
systems primarily supporting the global gas turbine market.
The transaction, which is subject to the execution of definitive
agreements, is expected to close on February 1, 2017. With this
acquisition, Broadwind will expand its market reach, gain new
capabilities and customer relationships, and diversify its product
portfolio and geography.
Broadwind President and CEO Stephanie Kushner stated, “The Red
Wolf team has built a strong, growing business which aligns well
with our capabilities, and supports our vision for growth.
Red Wolf’s sales are primarily in the after-market space, where the
company supports the large, global installed base of utility-scale
natural gas-fired turbines.”
Broadwind plans to maintain Red Wolf’s operations in Sanford,
NC, under the continued leadership of Kim Sutton, President of Red
Wolf.
Additional information regarding the transaction is provided in
Broadwind’s Current Report on Form 8-K filed today.
About Broadwind Energy, Inc.Broadwind Energy
(NASDAQ:BWEN) applies decades of deep industrial expertise to
innovate integrated solutions for customers in the energy and
infrastructure markets. From gears and gearing systems for wind,
oil and gas and mining applications, to wind towers and industrial
weldments, we have solutions for the energy needs of the future.
With facilities throughout the central U.S., Broadwind Energy's
talented team is committed to helping customers maximize
performance of their investments -- quicker, easier and smarter.
Find out more at www.bwen.com
Forward-Looking StatementsThis release contains
“forward‑looking statements”, as defined in Section 21E of the
Securities Exchange Act of 1934, as amended. Forward‑looking
statements include any statement that does not directly relate to a
current or historical fact. Our forward-looking statements may
include or relate to our beliefs, expectations, plans and/or
assumptions with respect to the following: (i) completion of the
Red Wolf acquisition in accordance with the terms agreed to by the
parties and our ability to integrate and operate the acquired
business, (ii) state, local and federal regulatory frameworks
affecting the industries in which we compete, including the wind
energy industry, and the related extension, continuation or renewal
of federal tax incentives and grants and state renewable portfolio
standards; (iii) our customer relationships and efforts to
diversify our customer base and sector focus and leverage customer
relationships across business units; (iv) our ability to continue
to grow our business organically; (v) the sufficiency of our
liquidity and alternate sources of funding, if necessary; (vi) our
restructuring efforts, including estimated costs and saving
opportunities; (vii) our ability to realize revenue from customer
orders and backlog; (viii) our ability to operate our business
efficiently, manage capital expenditures and costs effectively, and
generate cash flow; (ix) the economy and the potential impact it
may have on our business, including our customers; (x) the state of
the wind energy market and other energy and industrial markets
generally and the impact of competition and economic volatility in
those markets; (xi) the effects of market disruptions and regular
market volatility, including fluctuations in the price of oil, gas
and other commodities; and (xii) the potential loss of tax benefits
if we experience an “ownership change” under Section 382 of the
Internal Revenue Code of 1986, as amended. These statements are
based on information currently available to us and are subject to
various risks, uncertainties and other factors. We are under no
duty to update any of these statements. You should not consider any
list of such factors to be an exhaustive statement of all of the
risks, uncertainties or other factors that could cause our current
beliefs, expectations, plans and/or assumptions to change.
BWEN INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 joni.konstantelos@bwen.com
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