Danish wind manufacturer Vestas has sold six turbine factories to a German industrial group for €1 (£0.85).
Under the agreement, VTC Partners will get two machining units and four casting units and continue to supply the components to Vestas.
The deal is part of the Danish firm’s plans announced earlier this year to offload factories involved in machining or producing raw materials and cut costs.
As part of the deal Vestas will be entitled up to €25 million (£21.2m) from the plants sold depending on their performance. Around 1,000 employees covering Norway, Sweden, Germany, China and Denmark will also be moved to the new owner.
Jean-Marc Lechene, Executive Vice President and COO of Vestas Wind Systems said: “The divestment of our machining and casting units is part of the plan… to become a more asset-light and scalable company.”