Broadwind Energy Wins $37 Million in Tower Orders
NAPERVILLE, Ill., October 17, 2012 -Broadwind Energy, Inc. (NASDAQ: BWEN) announced today that it has been awarded tower orders totaling approximately $37 million from two U.S. wind turbine manufacturers, for manufacture beginning in late 2012 and extending well into 2013. The towers will be produced in the Company's Manitowoc, WI facility.
Peter C. Duprey, president and CEO of Broadwind Energy, Inc., stated, "The market for wind towers in the U.S. is coming into balance. Due to the pending expiration of the Production Tax Credit and the wind tower trade case, a number of competitors, both foreign and domestic, have exited the market or repurposed some of their production assets. This has improved the balance between supply and demand. In 2011, we at Broadwind committed to broadening our customer base and continued to invest in the North American wind tower market. As a result of these efforts, we are now the second largest tower manufacturer in the U.S. and we are winning new business for 2013 despite the regulatory uncertainty in Washington."
Duprey concluded, "These towers will support more complex turbine designs, which are well-suited to the equipment at our Manitowoc plant and our skilled workforce and welding capabilities. We remain committed to wind tower production and to supporting customer demand for towers by leveraging our core competency in welding and our unique combination of experience, location and flexibility."
About Broadwind Energy
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, to comprehensive remanufacturing of gearboxes and blades, to operations and maintenance services, and industrial weldments, we have solutions for the energy needs of the future. With facilities throughout the U.S., Broadwind Energy's talented team of 800 employees is committed to helping customers maximize performance of their investments-quicker, easier and smarter. Find out more at www.bwen.com.
Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995-that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The Company's forward looking statements may include or relate to the Company's plans to grow its business and its expectations regarding its operations, revenue growth, profitability and the business of its customers; the Company's expectations regarding its plan to restructure its operations by consolidating its operations; the Company's tower order intake, backlog, and tower production execution and the effect of such production on the Company's inventory and working capital levels as well as the aggregate sufficiency of the Company's working capital; the Company's expectations regarding the state of the wind energy market, and the regulatory frameworks affecting the wind energy industry, as well as the Company's expectations relating to the economic downturn and the potential impact on its business and the business of its customers. For further discussion of risks and uncertainties, individuals should refer to the Company's SEC filings. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by this cautionary statement.
CONTACT: John Segvich, 630.995.7137, john.segvich@bwen.com
