Wärtsilä takes ownership of John Crane-Lips

Wartsila Corporation
  • Stock exchange release
15 April 2002 at 3:01 AM E. Europe Standard Time

Wärtsilä Corporation STOCK EXCHANGE RELEASE 15.4.2002 at 5.15 pm

Wärtsilä and the UK-based Smiths Group have on April 15, 2002 completed the agreement transferring John Crane-Lips, a leading global supplier of marine propulsion systems, to Wärtsilä. The agreement was signed at the end of January, 2002. In the regulatory approval process no obstacles for the acquisition have arisen. The acquisition price is GBP 215 million (EUR 350 million).

The acquisition of John Crane-Lips marks an important step towards Wärtsilä´s strategic goal to lead the ship power market. The company will be part of Wärtsilä’s Marine Division under the name Wärtsilä Propulsion.

Mr. Christoph Vitzthum, MSc(Econ), currently Vice President, Finance & Control of Wärtsilä Marine Division, has been appointed President of Wärtsilä Propulsion.

For further information please call:
Mr Mikael Mäkinen, Group Vice President, Wärtsilä Marine Division, tel +358 40 5882 226
Mr Christoph Vitzthum, President, Wärtsilä Propulsion, tel. +358 40 7544 365.