History
Vestas was founded in 1945 by Peder Hansen as "Vestjysk Stålteknik A/S" (West-Jutlandish steel technology). The company initially manufactured household appliances, moving its focus to agricultural equipment in 1950, intercoolers in 1956, and hydraulic cranes in 1968. It entered the wind turbine industry in 1979, and produced wind turbines exclusively from 1989.
In 2003, the company merged with the Danish wind turbine manufacturer NEG Micon to create the largest wind turbine manufacturer in the world, under the banner of Vestas Wind Systems. After an operational loss in 2005, Vestas recovered in 2006 with a 28% market share and has continued to increase production although market share has slid to between 12.5 and 14% (depending on source) as other manufacturers have also increased production.
In February 2009, the company announced the production of two new turbine types, the 3-megawatt V112 and 1.8-megawatt V100. The new models will be available in 2010.
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