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Last Modified 12.05.2008

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Acquisitions and divestments

Wärtsilä’s strategic goal is to maintain the leading position in its field and to grow further. This is done by providing customers with the best lifetime efficiency and reliability in the market through an integrated offering that meets their business needs throughout the world. Wärtsilä will also grow by adding to the offering new products and services that will help customers operate their power systems more efficiently and safely. Wärtsilä will increase its capabilities in automation, as well as strengthen its offering of solutions for environmentally safe and reliable power system operation through a combination of organic growth, partnerships and acquisitions.

Information about acquisitions and divestments prior to the beginning of 2005 can be found in the press release archive.

Read more about the history of Wärtsilä in the About us-section.

Date	Company	Description
April 2008	International Combustion Engineering A/S (I.C.E.), Denmark	Acquisition of the Danish company International Combustion Engineering A/S (I.C.E.). The company specializes in project engineering and the service and repair of steam boilers and ancillary burner systems. Annual net sales 46,8 million Danish crowns (EUR 6.3 million), number of employees 30. The acquisition expands Wärtsilä's service offering into the new category of boiler services.
March 2008	Maritime Service AS, Norway	Acquisition of Maritime Service AS. The company specializes in ship service, mechanical and reconditioning services. Net sales appr. EUR 3.2 million, number of employees 28.
August 2007	Electrical Power Engineering (Scotland) Ltd.	Acquisition of a Scottish company Electrical Power Engineering (Scotland) Ltd. The company specializes in electrical power engineering solutions for marine, offshore, industrial and utilities segments. Net sales appr. EUR 20 million, number of employees 31.
May 2007	Marine business of Railko Ltd., UK	Acquisition of the marine business of Railko Ltd. in the UK, a company specializing in syntetic stern tube bearing technology. Net sales of the marine business is about EUR 6 million and the number of employees is 25.
May 2007	McCall Propellers Ltd., UK	Acquisition of the UK-based propeller repair company McCall Propellers Ltd. The company's net sales are GBP 6.4 million (EUR 9.4 million).
February 2007	Senitec AB, Sweden	Acquisition of the swedish company Senitec AB in Varberg. The company is privately-owned and specialized in environmental technology products for separating waste such as oily water and sludge in power plants, harbours and ships.
January 2007	Wärtsilä Hyundai Engine Company Ltd, Korea	Establishment of 50/50-owned joint-venture with Hyundai Heavy Industries Co. Ltd (HHI) in Korea. The new company will manufacture dual-fuel engines for LNG (liquified natural gas) carriers. The total investment will be EUR 58 million, Wärtsilä's share being EUR 29 million.
January 2007	Marine Propeller (Pty) Ltd, South Africa	Acquisition of the entire business of the South African company Marine Propeller (Pty) Lts in Cape Town, South Africa. The company is privately owned and focuses mainly on repairing propellers.
December 2006	SCHIFFKO, Germany	Acquisition of the German ship design company group SCHIFFKO. The company specializes in the planning and design of ships especially in the container, research and offshore vessel segments. The acquisition supports Wärtsilä's strategic focus to grow as a system integrator and provider of total solutions to the shipping and shipbuilding market.
November 2006	Ovako Oy Ab	Divestment of the operating companies owned by Oy Ovako Ab to a company owned by the shareholders of Hombergh Holdings BV, WP de Pundert Ventures BV and Pampus Industrie Beteiligungen GmbH & Co. KG. The divestment of Ovako concludes Wärtsilä’s plan to focus on the company’s core businesses. Wärtsilä registered a tax-free capital gain on the transaction of appr. EUR 49 million.
October 2006	Stockholms fartygsreparationer AB, Sweden	Acquisition of the Swedish company Stockholms Fartygsreparationer. The company handles all types of ship repair on the eastern coast of Sweden. The acquisition is a base for further expansion along the Swedish east coast and a part of Wärtsilä’s strategy to expand the business operations of the Wärtsilä Services.
September 2006	Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co Ltd (QMD).	Establishment of joint-venture with China Shipbuilding Industry Corporation (CSIC) and Mitsubishi Heavy Industries (MHI) to manufacture large, low-speed marine engines in China. CSIC will hold 50% of the joint venture, Wärtsilä 27% and Mitsubishi 23%. The investment totals around 75 million euros, spread over several years. Production is scheduled to start in 2008.
July 2006	INTEC Injectortechnic GmbH, Germany	Acquisition of German company specialized in fuel injection equipment, providing installation and services of injection components for marine diesel engines. The acquisition strengthens Wärtsilä’s competence in the area of this important engine technology.
March 2006	Wärtsilä BLRT Services Klaipeda UAB, Lithuania	Establishment of company in ship service in the Baltic area, part of strategy to strengthen position as Total Service supplier to marine customers. Joint venture; 51% Wärtsilä and 49% BLRT Grupp.
February 2006	Diesel Technology Solutions BV (DTS), the Netherlands	Acquisition of component machining capacity, secures added capacity to handle current high order book at Vaasa and Trieste factories.
February 2006	Total Automation Ltd, Singapore	Acquisition of company in marine automation, strong foothold in offshore and LNG sectors. Part of strategy to strengthen position as Total Service supplier. Complements earlier automation and electrical automation acquisitions. Acquisition price appr. EUR 61.6 million.
February 2006	Aker Kvaerner Power and Automation Systems AS (AKPAS), Norway	Acquisition of supplier of power and automation systems for oil & gas, marine and industrial markets. Part of strategy to strengthen position as Total Service supplier. Complements earlier automation and electrical automation acquisitions. Acquisition price appr. EUR 12 million.
December 2005	Wärtsilä Propulsion Heerlen B.V, the Netherlands	Divestment. Part of Wärtsilä’s manufacturing strategy.
December 2005	Gerhardt Holding Co., Inc., United States	Acquisition of company in servicing control and automation equipment for gas and diesel engines. Part of growth strategy in Services. Acquisition price EUR 8.6 million.
May 2005	Oy Ovako Ab	Wärtsilä, Rautaruukki and SKF merge long steel businesses into a jointly owned new company Oy Ovako Ab. Wärtsilä owns 26.5%.
April 2005	Wärtsilä Qiyao Diesel Company Ltd., China	Establishment of 50/50 owned joint venture with Shanghai Marine Diesel Engine Research Institute. Manufacturing of Wärtsilä designed marine auxiliary engines in China.
April 2005	Wärtsilä’s manufacturing unit in France	Divestment of high-speed manufacturing unit in Mulhouse, France to Mitsubishi Heavy Industries Ltd. Completes restructuring programme started in 2003.
March 2005	DEUTZ AG, Germany	Acquisition of DEUTZ AG's medium and large marine engine service business. In line with strategy to expand Service business by increasing scope of services and by acquisitions. Acquisition price EUR 115 million.
March 2005	Oü Ciserv BLRT Baltica, Estonia	Joint venture with BLRT Grupp of Estonia to service ships in the Baltic area. Wärtsilä owns 51% and BLRT Grupp 49%.