Vestas has wind in its sails as the plaudits come blowing in – The Post

Vestas has wind in its sails as the plaudits come blowing in

Danish energy company reaping rewards for brilliant turnaround

The horizon looks bright for Vestas (photo: Vestas 11th Hour)
March 23rd, 2017 9:06 am| by Christian W
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Just a few short years ago Vestas was in real trouble as the company was mired in deficit, market share loss and dwindling employee numbers. But recently it’s been smooth sailing for the Danish wind turbine producer thanks to one of the best turnaround stories in recent years.

So it’s no surprise that the AmCham 2017 Transatlantic Company of the Year title has been awarded to Vestas, while the company’s chairman, Bert Nordberg, has been named the Nordic Chair of the Year 2016 by Styreinformasjon and Føretags Ekonomiska Forening.

AmCham recognised Vestas’s successful growth in the US market, where it is ranked number one for wind turbines with a turnover of over 4 billion euros and employs over 5,000 people.

“The energy sector can be volatile, and despite setbacks, Vestas has remained committed to the US –investing massively and positioning the company as the market leader,” said Stephen Brugger, AmCham’s executive director.

“We hope this will serve as an inspiration to others, and that more Danish companies will pursue a similar path in the future”.

READ MORE: Denmark looking to double its energy tech exports

A very good year
For winning the Nordic Chair of the Year 2016, Styreinformasjon and Føretags Ekonomiska Forening commended Nordberg’s leadership in turning the company around in the wake of the financial crisis – with 2016 being a record year for the company in terms of revenue, net profit, order intake and return on invested capital.

“Vestas has been through a successful turnaround including changes in top management, and it has as a result achieved great top and bottom line growth,” said the chair of the jury, Gunnar Eckbo.

“Key to this has been Bert Nordberg’s ability to build a diverse and independent board of directors with a wide range of competencies, which serves as inspiration to other Nordic chairs and board members”.

READ MORE: Denmark looking into building North Sea wind energy island

Off to the races
In related news, Vestas is returning as a sponsor for the prestigious round-the-world yacht race Volvo Ocean Race – also known as the ‘Formula 1 of sailing’.

Vestas is teaming up with the US organisation 11th Hour Racing for the 2017/18 season, which involves sailing a total of 46,000 nautical miles around the world.

“The world’s toughest sailing challenge is the perfect match for Vestas,” said Anders Runevad, the CEO of Vestas.

“We are both connected to wind, and our success depends on getting the optimum out of the wind around the world.”

The last time Vestas was involved in the race was in 2014/15 when it went under the name Team Vestas Wind and failed to complete the race.

Fans will be able to check out the yachts taking part in the race in Aarhus on 22 June 2018 as they make their way from Gothenburg to The Hague as part of the final stage of the race.