Japan-based steelmaker Mitsui & Co. has announced that it has entered into an agreement to acquire a 25 percent stake in Spain's Gonvarri Eólica which controls GRI Renewable Industries Group, the world's leading manufacturer of wind turbine towers.
GRI manufactures steel towers to support wind power generators, as well as large-scale flanges, which are a key component of the towers, and supplies these products to major wind turbine manufacturers.
Mitsui and GRI together will explore opportunities, including the possible establishment of new manufacturing plants in Asia and America, where future expansion of demand is expected, and in Europe for newly developed offshore wind power.