China’s Sinovel to Divest Overseas Units After U.S. Indictment
Stock Chart for Sinovel Wind Group Co Ltd (601558)
Sinovel Wind Group (601558) Co., China’s third-biggest wind-turbine maker, agreed to divest four units abroad after it was charged with stealing trade secrets from its former U.S. supplier.
The units are in the U.S., Belgium, Italy and Canada, Sinovel said today in a filing to the Shanghai stock exchange, without giving more details. Wang Wen, a Beijing-based spokeswoman at Sinovel, declined to comment.
U.S. prosecutors secured an indictment of the company and two of its executives in federal court in Madison, Wisconsin on June 27 on charges of stealing source code for the turbine controllers made by American Superconductor Corp. (AMSC)
To contact the reporter on this story: Feifei Shen in Beijing at email@example.com
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org