Danish investment company A.P. Møller Holding A/S has agreed to acquire the compatriot KK Group A/S from SoLix Group AB.
KK Group's main activities are realized through KK Wind Solutions, a supplier of power electronics solutions to OEMs such as SiemensGamesa, Vestas, MHI Vestas, and GE Renewables.
Approximately 65% of the installed offshore capacity worldwide is today equipped with solutions from KK Wind Solutions, A.P. Møller Holding said. The company reached sales of DKK 1.6 billion (EUR 214 million) in 2018. This trend is expected to continue as KK Wind Solutions benefits from the growth in global installation of both on- and offshore wind turbines.
Jan T. Nielsen, Chief Investment Officer, A.P. Moller Holding: “KK Wind Solutions has an impressive history and is a leader within power electronic systems solutions for wind turbines. As the wind industry has gained momentum globally, KK Wind Solutions must expand its global footprint and follow its customers’ international expansion. With A.P. Moller Holding’s global mindset, network and expertise, we believe we can be a good partner and an engaged owner to support KK Wind Solutions on this exciting journey.”
KK Wind Solutions employs approximately 1,400 people and is headquartered in Ikast, Denmark, where it also has R&D and production facilities. Further, KK Wind Solutions has production facilities in Poland and India, as well as sales and engineering personnel in Spain, USA, and China.
Chlinton Arendahl Nielsen, Chief Executive Officer, KK Wind Solutions, said: “We are very proud and humble about the prospect of having A.P. Moller Holding as our new owner. A.P. Moller Holding brings in very strong capabilities and financial strength to accelerate our strategy towards 2025, allowing us to follow our customers globally and to expand our system solutions across technology, supply chain and service.”
The parties have agreed not to disclose the price and other terms of the transaction. The transaction is subject to customary regulatory approvals in Denmark and Germany. Expected closing is in the third quarter of 2019.
A.P. Moller Holding is the parent company of the A.P. Moller Group which consists of private and public companies within transportation, logistics, infrastructure, energy, and financial services. The A.P. Moller Group reported a 2018 revenue of USD 40bn with consolidated assets of USD 62bn.