A.P. Moller Holding AS, which controls Danish shipping giant A.P. Moller-Maersk AS, will acquire Danish wind turbine supplier KK Group AS, it said on July 10, in a first step into the renewable energy industry.

The acquisition marks a new direction for the family-owned company, which has built its business on the shipping and oil industry.

The parties declined to disclose the price of the deal. A.P. Moller Holding will buy KK Group, whose main activities are through KK Wind Solutions AS from Swedish private equity Solix Group AB.

"Denmark is the leading hub for the wind industry worldwide with significant global growth potential. We look forward to supporting KK Wind Solutions' further development and growth in this important industry", chief investment officer of A.P. Moller holding, Jan T. Nielsen, said in a statement.

KK Wind Solutions employs about 1,400 people globally and provides electronic systems to wind turbine giants like Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS and GE Renewable Energy, a division of General Electric Co. It generated sales of 1.6 billion Danish crowns (US$240 million) in 2018.

The acquisition, which needs approval from the Danish and German competition authorities, is expected to go through in the third quarter of 2019, the companies said. (US$1 = 6.6534 Danish crowns)