WindPower Innovations Inc. has announced that the contract to acquire XH Industries Inc. with fully equipped and operating facilities in California and Washington state has now been completed without contingencies, and the closing date is immediate. The purchase price is restricted common stock and some cash, to be paid out over the next year.
XH Industries Inc. repairs wind turbine gearboxes and other components, and has been in the repair business since 1985. In addition, XH Industries has ownership of 50 older wind turbines that have been taken out of service. These complete wind turbine systems will be reworked and sold with complete warranties.
WindPower Innovations says it plans to develop state-of-the-art facilities that will be process-flow oriented and environmentally responsible.
SOURCE: WindPower Innovations Inc.