Broadwind, Inc. (‘Broadwind’) provides technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the ‘U.S.’).
The company’s capabilities include, but are not limited to, the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly...
Broadwind, Inc. (‘Broadwind’) provides technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the ‘U.S.’).
The company’s capabilities include, but are not limited to, the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly, engineering, and packaging solutions.
Heavy Fabrications
The company provides large, complex, and precision fabrications to customers in a broad range of industrial markets. The company’s most significant presence is within the U.S. wind energy industry, although it has diversified into other industrial markets in order to improve its capacity utilization, reduce its customer concentration, and decrease its exposure to uncertainty related to governmental policies currently impacting the U.S. wind energy industry. Within the U.S. wind energy industry, the company provides steel towers and repowering adapters primarily to wind turbine manufacturers. The company’s production facilities, located in Manitowoc, Wisconsin, and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The two facilities have a combined annual tower production capacity of up to approximately 550 towers (1,650 tower sections), sufficient to support turbines generating more than 1.7 GW of power (assuming a 3 MW tower). The company has expanded its production capabilities and leveraged its manufacturing competencies, including welding, lifting capacity, and stringent quality practices, into aftermarket and original equipment manufacturer (‘OEM’) components utilized in surface and underground mining, construction, material handling, oil and gas (‘O&G’), and other infrastructure markets. The company has designed and manufactured a mobile, modular pressure reducing system (‘PRS’) for the compressed natural gas virtual pipeline market. It manufactures components for buckets, shovels, car bodies, drill masts, and other products that support mining and construction markets. In other industrial markets, the company provides crane components, pressure vessels, frames, and other structures.
Gearing
The company provides gearing, gearboxes, and precision machined components to a broad set of customers in diverse markets, including surface and underground mining, wind energy, steel, material handling, infrastructure, onshore and offshore O&G fracking and drilling, marine, defense, and other industrial markets. The company provides gearbox repair services and has manufactured loose gearing, gearboxes, and systems, and provided heat treat services for aftermarket and OEM applications for a century. While a significant portion of the company’s business is manufactured to its customers’ specifications, it employs design and metallurgical engineers to meet its customers’ stringent quality requirements, improve product performance and reliability, and develop custom products that are integrated into its customers’ product offerings.
Industrial Solutions
The company provides supply chain solutions, light fabrication, inventory management, kitting, and assembly services, primarily serving the combined cycle natural gas turbine market. It has recently expanded into the U.S. wind power generation market by providing tower internals kitting solutions for on-site installations, as OEMs domesticate their supply chain due to lead time and reliability issues. The company leverages a global supply chain to provide instrumentation & controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes & wiring, and electromechanical devices. It also provides packaging solutions and fabricates panels and sub-assemblies to reduce its customers’ costs, improve manufacturing velocity, and enhance reliability.
Strategy
The company intends to capitalize on the markets for wind energy, gas turbines, O&G, mining, and other industrial verticals in North America by leveraging its core competencies in welding, manufacturing, assembling, and kitting. The company’s strategies are to diversify its customer and product line concentrations; improve capacity utilization and broaden its manufacturing capabilities; pursue opportunistic acquisitions, as well as organic investments; and streamline front-end processes to achieve operational efficiency.
Sales and Marketing
The company markets its heavy fabrications, gearing, and industrial solutions through a direct sales force, supplemented with independent sales agents in certain markets. The company’s sales and marketing strategy is to develop and maintain long-term relationships with its existing customers, and seek opportunities to expand these relationships across its business units. The company’s business development team uses market data, including marketing databases, information gathered at industry and trade shows, internet research, and website marketing, to identify and target new customers.
Customers
The company manufactures products for a variety of customers in the wind energy, O&G, gas turbine, mining, and other industrial markets. Within the wind energy industry, the company’s customer base consists primarily of wind turbine manufacturers who supply end users and wind farm operators with wind turbines, and wind gearbox re-manufacturers who use its replacement gears in their replacement gearboxes. Within the company’s other industrial markets served, its customer base includes steel producers, shipbuilders, and manufacturers of material handling, pulp and paper, and other power generation equipment. Sales to GE Vernova represented greater than 10% of the company’s consolidated revenues for the year ended December 31, 2024. The loss of this customer could have a material adverse effect on the company’s business, results of operations, or financial condition.
Competition
Within the wind tower product line of the company’s Heavy Fabrications segment, the largest North American-based competitor is Arcosa Inc. Other competitors include C.S. Wind, a South Korean company, Marmen Industries, a Canadian company, and GRI Renewable Industries, a Spanish company, each of which have production facilities in the U.S.
Within the company’s industrial fabrications product line of its Heavy Fabrications segment, its competitors in a fragmented market include Weldall Manufacturing and AT&F Advanced Metals, along with a large number of other regional competitors.
In the company’s Gearing segment, which is focused on O&G, wind energy, mining, and steel markets, it competes with domestic and international manufacturers who produce gears greater than one meter in diameter. The company’s key competitors include Overton Chicago Gear, Cincinnati Gearing Systems, Milwaukee Gear, and Horsburgh & Scott.
In the company’s Industrial Solutions segment, which is primarily focused on the gas turbine market, it competes with electrical supply distributors. The company’s key competitors include Gexpro and other small independent companies.
Regulation
The most impactful development incentive for the company’s products has been the production tax credit (‘PTC’) for new wind energy projects, which provides federal income tax credits based on electricity produced from qualifying wind turbines.
The company’s operations are subject to regulation of health and safety matters by the U.S. Occupational Safety and Health Administration.
History
The company was formerly known as Broadwind Energy, Inc. and changed its name to Broadwind, Inc. in 2020.
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