Vestas Wind Systems
ST. LOUIS, May 22 /PRNewswire-FirstCall/ -- Zoltek Companies Inc.
(Nasdaq: ZOLT) today announced that it has concluded a new expanded long-term
strategic supply agreement with Vestas Wind Systems AS, of Denmark, the
world's largest producer of wind turbine generators. Under the agreement,
Zoltek remains the Preferred Supplier of carbon fibers to Vestas. Based on
current commitments and pricing for base quantities, Zoltek expects to provide
Vestas with over $300 million of carbon fiber and carbon fiber materials over
the first five years of the agreement, for the manufacture of rotor blades for
wind turbine generators.
"We are pleased to extend our strong partnership with Vestas, the world
leader in the manufacture of advanced wind turbines and the rotor blades that
power them," said Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer.
Rumy added that Zoltek will soon start to ship significant quantities of
carbon fiber to other geographic regions beyond Europe as Vestas continues
with its global expansion plans. Vestas recently announced new blade
manufacturing facilities to open in the United States, Spain and China. "Our
partnership with Vestas demonstrates Zoltek's willingness and ability to
respond rapidly and invest in our customer's future," said Rumy. Pursuant to
its previously disclosed expansion program, Zoltek anticipates expanding
nameplate carbon fiber capacity from 2,800 metric tons in 2005 to 10,800
metric tons by early 2008.
"This new agreement reflects continued confidence in the expanded use of
carbon -- both in terms of performance benefits and supply availability,"
noted Tim McCarthy, Vice President Sales and Marketing. "Larger, lighter and
stiffer rotor blades produced from carbon fiber are the key enabling factor in
allowing other turbine components and structures to be lightened and designed
more optimally in an integrated fashion."
This press release contains forward-looking statements, which are based
upon the current expectations of the Company. Because these forward-looking
statements are inherently subject to risks and uncertainties, there are a
number of factors that could cause the Company's plans, actions and actual
results to differ materially. Among these factors are the Company's ability
to: successfully resolve pending litigation; re-activate its formerly idle
manufacturing facilities on a timely and cost-effective basis, meet current
order levels for carbon fibers; successfully add new capacity for the
production of carbon fiber and precursor raw material; execute plans to exit
its specialty products business and reduce costs; achieve profitable
operations; raise new capital and increase its borrowing at acceptable costs;
manage changes in customers' forecasted requirements for the Company's
products; continue investing in application and market development;
manufacture low-cost carbon fibers and profitably market them; and penetrate
existing, identified and emerging markets. The timing and occurrence (or
non-occurrence) of transactions and events that determine the future effect of
these factors on the Company, as well as other factors, may be beyond the
control of the Company. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after the date of
this press release.
SOURCE Zoltek Companies, Inc.
Zsolt Rumy, CEO, or Tim McCarthy, both of Zoltek Companies Inc., +1-314-291-5110
-0- May/22/2007 20:30 GMT
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