Senvion SA is looking to withdraw from around 30 countries and focus its market to about 20 countries only, as part a transformation program to stabilize the company, renews.biz reported March 20, citing an internal communication to staff from Senvion CEO Yves Rannou.
The transformation plan, announced in February, aims to put the focus back on Senvion's attractive markets, to streamline product portfolio and increase modularization to reduce costs, to increase competitiveness by saving measures, and to strengthen the financial basis.
Rannou, who assumed the role in January, said in the document that the company had "incorrect processes, an overly complex organization that had spread itself too thinly across new markets and a lack of customer focus."
As part of the plan, the Hamburg, Germany-headquartered wind turbine manufacturer will also simplify its turbine product range by dropping some turbine models and product families within the year. The company's "most imminent problem" is failing to convert "valuable orders into cash via excellence in execution in some countries," Rannou was quoted as saying.
As previously reported, Senvion's new management board postponed the release of the company's annual financial statements for fiscal 2018 as part of its ongoing structured transformation process. The company recently appointed Neil Robson as chief restructuring officer, as part of its efforts to secure financing solutions to implement its transformation program.