Korean shipbuilder tilts at windmills
A senior executive at Daewoo Shipbuilding & Marine Engineering Co. told Bloomberg news service Monday the company plans to achieve 30 percent of its sales, or about $7.5 billion, from wind turbine manufacturing and sales by 2020.
Currently, the South Korean industrial giant generates 99 percent of its revenue from ship and offshore equipment construction.
Koh Young Youl, Daewoo's chief strategy officer, told the news service the company's revenue target from wind turbine sales is 'very ambitious,' but 'the market potential for wind power is very big, partly because there's a lot of interest in going offshore as the space on land runs out.'
Daewoo already builds wind turbines and has its sights on running wind farms, building specialized offshore wind turbine installation vessels, and opening a turbine manufacturing plant in China later this year.
'It is our plan to eventually be able to provide a full chain of services for wind energy,' Koh told Bloomberg.
Korean shipbuilder tilts at windmills
