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LM Wind Power posts profit in 2015

LM Wind Power, a Denmark-based company that makes wind turbine blades in a Grand Forks plant, said Thursday it posted a profit last year for the first time in six years.

LM Wind Power, a Denmark-based company that makes wind turbine blades in a Grand Forks plant, said Thursday it posted a profit last year for the first time in six years.

In its annual report released Thursday, company CEO Marc de Jong said 2015 "will prove to be a significant turning point for LM Wind Power and it saw us make a net profit for the first time since 2009."

"But that is only one indicator of the consistently improved performance across the company, which has seen us strengthen and leaves us well-placed to embrace the significant growth opportunities we see for the business," he added.

The company reported nearly 6 million euros in profits, compared to a loss of roughly 9 million euros in 2014. It also produced 9,474 blades last year.

Jong pointed to the extension of the U.S. Production Tax Credit as one reason for optimism in the future.

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"The political commitment to support renewables has never been stronger," he said.

LM Wind Power cut 345 local jobs in 2012, but it has since increased employment. In November, executives hoped to bring its Grand Forks workforce to 700, according to Herald archives.

Related Topics: LM WIND POWER
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