VAASA, Finland, May 13, 2008 (PRIME NEWSWIRE) -- AC drive manufacturer Vacon has set ambitious targets for growth by 2012. The company's goal is to have revenues of EUR 500 million and operating profit of more than 14 per cent of revenues in 2012. Vacon is holding a Capital Markets Day today, 13 May, when the company's management will give more detailed information about these goals.
"We have high goals, but the markets are looking extremely favourable. Demand for energy-efficient solutions is growing strongly, and so is the renewable energy market. In addition, the purchase of the AC drives business of TB Wood's in the USA gives us a significant boost towards achieving these targets," says Vacon President and CEO Vesa Laisi.
The company's goal is to achieve revenues of EUR 500 million and operating profit (EBIT) of more than 14 per cent by 2012. It has set an annual target of more than 30 per cent for return on equity (ROE).
The AC drive is a key product in enhancing energy usage and utilizing renewable energy sources. By focusing one hundred per cent on AC drives, Vacon aims to grow profitably and considerably faster than the average rate of growth in the sector.
"Wind turbine, buildings and machinery applications are the fastest growing AC drive markets, and Vacon is strongly involved in all these," says Mr Laisi.
Vacon Plc is holding a Capital Markets Day for investors, analysts and representatives of the media today, 13 May 2008, at 9.00 am in Vantaa. Presentations will be given by President and CEO Vesa Laisi,Executive Vice President Heikki Hiltunen, Mika Leppanen, Vice President, Finance and Control, and Product Marketing Director Hans Carlsson. Insight from the customer viewpoint will be given by Dr.Peter Whitworth, Vice President, Engineering at multinational Converteam.
Mr Laisi will report on topics including the potential for energy saving with AC drives, market structure, Vacon's main market segments, and the use of AC drives in wind turbines. Mr Leppanen will look at the impact on Vacon's profitability of the purchase of the AC drives business of TB Wood's and of the fluctuations in the exchange rate of the U.S. dollar. Mr. Hiltunen will discuss the growth factors for Vacon, and Mr. Carlsson will present the company's extensive product offering.
The presentations to be given at the Capital Markets Day will be available on Vacon's Internet site at www.vacon.com under "Investors".
Vacon Plc
Vacon in brief
Vacon was established in 1993 from a passion to develop and produce AC drives globally. It is a matter of honour for Vacon to offer customers efficient, reliable and easy to use means for improving process control and saving energy and costs. Vacon's solutions represent clean technology. They can be used to control the speed of electric motors used by industry and municipal engineering, and in power generation using renewable energy. Vacon provides AC drives in the power range 0.25 kW - 5 MW. Revenues in 2007 totalled EUR 232.2million. www.vacon.com