--Adds Major Wind Turbine OEM To Customer Base--
--Company Has Secured Nearly 70% of Full-Year 2020 Production Capacity--
CICERO, Ill., March 17, 2020 (GLOBE NEWSWIRE) -- Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of specialized components and solutions serving global industries, today announced an order from a wind turbine customer, representing a total value of approximately $5 million.
With this new customer addition, Broadwind now supplies three global wind turbine manufacturers, further to the Company’s long-term focus on customer diversification. Including this order, Broadwind has approximately 70% of its full-year 2020 production capacity in its backlog. As of Dec. 31, 2019, total backlog was $142.3 million, an increase of more than 48% from the prior-year period.
“Tower demand has increased materially over the past year, resulting in improved capacity utilization at our manufacturing facilities. We are pleased with the recent progress made toward further customer diversification, as evidenced by the addition of a new, major wind turbine OEM customer, together with continued growth in demand from our existing base of customers,” stated Eric Blashford, President and CEO of Broadwind.
“To date, we have experienced no significant disruptions to our business resulting from COVID-19, although we continue to monitor the situation closely,” continued Blashford. “We are working with our employees to ensure their personal well-being while maintaining our customer commitments. Within our supply chain, we currently have sufficient inventory to support ongoing operations into June, which provides us with flexibility with which to support existing demand.”
ABOUT BROADWIND
Broadwind (NASDAQ: BWEN) is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com
FORWARD-LOOKING STATEMENTS
This release contains “forward looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future, as well as assumptions made by, and information currently available to, our management. Forward looking statements include any statement that does not directly relate to a current or historical fact. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Forward-looking statements should not be relied upon as a predictor of actual results.