South Korean engineering giant Daewoo Shipbuilding & Marine Engineering is looking to buy German wind turbine manufacturer Bard Engineering GmbH, in a bid to expand in the wind energy space.
Daewoo Shipbuilding, which is yet to decide whether to buy a part or the whole of Bard, will soon conduct due diligence of the German wind turbine maker and aim to close the deal by early 2012.
South Korea's MoneyToday newspaper today reported that the diversified US conglomerate General Electric and Chinese companies might also bid for Bard.
Daewoo had earlier announced plans to expand in the fast-expanding offshore wind energy market and acquired US-based wind turbine manufacturer DeWind in 2009, for $49 million.
It also bought Composite Technology Corp and completed a wind turbine plant in Canada this year.
Founded in 2003 by Arngolt Bekker and based in Emden, Bard Engineering GmbH handles all stages of offshore wind development, including manufacturing installing and maintenance of turbines.
Bard Engineering is an innovative engineering and manufacturing solutions provider for the storage, transportation, dispensing and filtration of fluids and lubricants. The company supplies filters/breathers, fuel nozzles and couplings, hose reels, water cannons/spray valves, automatic lubrication equipment, lubricant dispensing equipment and oil samplers as well.
The company is developing the Bard Offshore 1 project, a 400-megawatt park about 90 km northwest of Borkum island in Germany.
Dutch utility HVC said in January it would buy a 15 percent stake in a 600 megawatt offshore wind park project in the North Sea to be built by Bard Engineering.