A federal jury in Wisconsin on Wednesday convicted a Chinese wind turbine company of stealing trade secrets, which nearly destroyed a U.S. manufacturer.
China's Sinovel Wind Group does business in the United States.
"The theft of ideas and ingenuity is not a business dispute. It's a crime and will be prosecuted as such," U.S. Attorney Scott Blader said.
According to the government's case against Sinovel, the company had an $800 million contract for products and services from Wisconsin-based American Superconductor (AMSC).
It said Sinovel conspired in 2011 with two company managers and a former AMSC employee to use computers in Austria to steal wind turbine technology and trade secrets from AMSC and install them on Sinovel turbines.
Sinovel never paid AMSC the $800 million.
Federal prosecutors said Sinovel's crime cost AMSC dearly; investors dumped more than $1 billion in AMSC stock and about 700 workers lost their jobs, more than half of the company's global workforce.
Sinovel will be sentenced in June.
Read More Chinese Company Convicted of Stealing Trade Secrets From US Firm : http://ift.tt/2rBjuSx
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