Hansen Transmissions International, the Belgium-based manufacturer of wind turbine gearboxes, has just turned in an 18% growth in full-year earnings. As has just been reported on Reuters, in the year ended March 31st, the company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 61 million euros and revenue rose 26 percent to 421 million euros. Actually, whilst that's good, I'd say that that was a rate of growth in line with the global wind industry.

Where they start to look much more impressive is in their projections for next year. The company said it has a strong order book until December 2009 and is targeting revenue growth of about 50 percent in the 2009 financial year. I doubt that wind industry will be growing that fast in the next 12 months, so how are they going to achieve that kind of revenue growth?

Belgium may not be the world's most exciting country, but since its acquisition by Suzlon, Hansen has become a a company with the finances to think big. Of note in particular, are their expansion plans in China and India - something most West European wind firms have been slow on the uptake with.  Hansen, or rather Suzlon Energy, has made - and is making - big  investments to expand capacity as measured in megawatts of gearboxes, both at home and abroad;

In Lommel, Belgium

Hansen has just finished is expanding the facility’s manufacturing capabilities to up to 6,000MW from 2,200MW.

In Coimbatore, India

By April 2011, this new site will have a yearly production capacity of 5,000 MW of gearboxes

In China

by April 2011, Hansen's plant is expected to have a yearly production capacity of up to 3,000MW.

Margins in European wind turbine manufacturing are quite high at the moment, until the strong euro starts to bite into those exports. But Hansen's USP is that it is in the sweetspot of a component shortage for which there are very few competitors. That's why Suzlon's purchase of Hansen looks smarter and smarter as times goes on.