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Hansen Transmissions sales fall 8.5% in Q1 FY 2011/2012.

(SeeNews) - Jul 25, 2011 - Belgian wind-turbine gearboxes maker Hansen Transmissions International NV (LON:HSN) reported today its sales dropped by 8.5% year-on-year to EUR 81 million (USD 116.4m) in the first quarter of its fiscal 2011/2012.

The company blamed the decline on the consequences of the economic crisis.

The net debt increased to EUR 41 million from EUR 20 million.

Hansen Transmissions said the wind-turbine market remains volatile which limits the visibility even in the short term. Yet, the company projected revenue growth of between 5% and 15%.

Meanwhile, German car parts maker ZF Friedrichshafen launched today a takeover bid for the Belgian firm. The German company offered GPB 0.66 per share in Hansen Transmissions, a premium of more than 95% to the closing price on Friday. The bid values the Belgian company at some GBP 444.8 million.

(EUR 1 = USD 1.437)
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Publication:ADP News Belgium
Article Type:Financial report
Date:Jul 25, 2011
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