About Broadwind

Broadwind, Inc. (Broadwind) operates as a precision manufacturer of structures, equipment, and components for clean tech and other specialized applications. The company 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.). Its capabilities include but are not limited to the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treat, assembly, engineering and packaging solutions. Segments The company operates through three segments: Heavy Fabrications, Gearing, and Industrial 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 reduce its exposure to uncertainty related to governmental policies 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 (1650 tower sections), sufficient to support turbines generating more than 1,100 MW of power. 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 manufactures components for buckets, shovels, car bodies, drill masts and other products that support mining and construction markets. In other industrial markets, it provides crane components, pressure vessels, frames and other structures. Gearing The company provides gearing and gearboxes to a broad set of customers in diverse markets, including onshore and offshore O&G fracking and drilling, surface and underground mining, wind energy, steel, material handling, infrastructure, marine and other industrial markets. The company provides gearbox repair services and have manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and original equipment manufacturer (OEM) applications for nearly a century. While a significant portion of the company’s business is manufactured to its customer’s specifications, the company employs design and metallurgical engineers to meet its customer’s stringent quality requirements, to improve product performance, and reliability and to develop custom products that are integrated into its customer’s 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. The company has recently expanded its market reach into the solar power generation market by leveraging its existing core competencies. The company leverages a global supply chain to provide instrumentation and controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes & wiring, energy storage services and electromechanical devices. The company also provides packaging solutions and fabricate panels and sub-assemblies to reduce its customers’ costs, improve manufacturing velocity and reliability. Strategy The key elements of the company’s strategy are to diversify its customer and product line concentrations; improve capacity utilization and broaden its manufacturing capabilities; pursue opportunistic acquisitions and organic investments; and support the growing complexity of its expanded customer base and product lines. 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. 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 O&G and mining industries, the company’s customer base consists of manufacturers of hydraulic fracturing and mud pumps, drilling and production equipment, mining equipment, and off highway vehicles. Within the gas turbine industry, the company’s customers supply end-users with natural gas turbines and after-market replacement and efficiency upgrade packages. Within its other industrial markets served, the company’s customer base includes steel producers, ship builders, and manufacturers of material handling, pulp and paper and other power generation equipment. Sales to Siemens Gamesa Renewable Energy (SGRE) and GE Renewable Energy each represented greater than 10% of the company’s consolidated revenues for the year ended December 31, 2022. 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. Within the company’s industrial fabrications product line of its Heavy Fabrications segment, the company’s competitors in a fragmented market include Weldall Manufacturing and AT&F Advanced Metals. 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 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 Tower Tech Holdings Inc. and changed its name to Broadwind Energy, Inc. in 2008. Further, the company changed its name to Broadwind, Inc. in 2020.