Marsh Wind Technology Limited (MWT) announced the completion of the sale of its 40.05% stake in Wind Towers Limited (WTL) to Scottish and Southern Energy (SSE). The transaction has increased SSE's stake to 80.1%. The remaining 19.9% of ordinary share capital is held by Highlands and Islands Enterprise.
WTL commenced tower manufacturing at the Machrihanish site in August 2011. Since then the company has realigned production and expanded its finishing facilities. The company has aggressively pursued market opportunities and has been successful in securing orders from a number of different clients. Keeping pace with this has required the realignment of production and recruitment of staff.
The new paint plant was brought on line in Nov 2011 and has subsequently impacted the throughput of production. In May 2012 the company made the decision to undertake a period of stabilization prior to further expansion. This period was to focus on ensuring effective production processes and embedding staff training.
Jim McPhillimy, SSE's Managing Director; Group Services, said: "A robust and sustainable supply chain offers significant value to renewable energy developers in Scotland. We recognize that SSE has an important role in helping create this and that is why we have entered into a range of strategic alliances and investments to secure this supply chain for Scotland. Wind Towers Ltd is an important link in that chain and its strategic importance to SSE is reflected in our decision to increase our share in the joint venture."
William Marsh, MWT's Chairman said: "The transaction makes strategic sense and in addition ensures the further development of WTL under SSE's stewardship. I am confident that this will be a tremendous opportunity for the company and the community.