WindPower Innovations to Acquire XH Industries

WindPower Innovations announced that the contract to purchase XH Industries has been successfully completed without contingencies and with immediate closing date. With the successful of acquisition of the company, WindPower now owns XH Industries’ fully equipped operating facilities in Washington and California. The company was purchased through restricted common stock and some cash that has to be paid next year.

Currently, XH Industries is engaged in repairing and servicing of gear boxes and other components of wind turbines. The company has been in this business since the year 1985.
XH Industries also owns 50 used wind turbines that are no longer in service. These wind turbines will be made functional after repairs and sold to prospective buyers with complete warranties. WindPower Innovations was formed with an objective to enter into wind turbine repair business and this purchase of XH Industries enables the company to be provide compete service to the wind turbine industry.

WindPower Innovations will develop process flow oriented and environmentally conscious modern facilities. The ultimate aim of the company is to become a leading repairer of wind turbine gearboxes. The company is also aiming to expand into complete turbine overhaul business including refurbishment of blades.