GE Picks Survivors as End of Tax Credit Threatens Wind Industry
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Vic Abate expects that many makers of gearboxes, towers and blades for wind turbines will go under next year. He should know -- as vice president of General Electric Co.’s renewable energy business, Abate is the executive who will seal their fates.
With a federal tax credit that subsidizes the U.S. wind industry set to expire at the end of 2012, GE is scrutinizing its supply chain. Uncompetitive vendors will be culled, Abate said, while stronger suppliers will be offered operational and financial assistance.