Wärtsilä increases holding in Japan Marine Technologies Co Ltd

Wartsila Corporation
  • Stock exchange release
21 May 2004 at 3:01 AM E. Europe Standard Time

Wärtsilä Corporation STOCK EXCHANGE RELEASE 21 May 2004 at 11.30

A fully owned subsidiary of Wärtsilä Corporation, CKT Industries S.A. will make a public Tender Offer Bid (TOB) to the minority shareholders of Japan Marine Technologies Co Ltd starting on 24 May 2004 to acquire 595,000 shares, or 6.07% of the share capital. Wärtsilä Corporation’s current holding in Japan Marine Technologies Co Ltd totals 93.93% of the share capital.

“Wärtsilä’s full ownership will add value and increase efficiency which benefits the customers, suppliers and employees in Japan and globally”, says Mikael Mäkinen, Group Vice President, Wärtsilä Ship Power. “This will also strengthen Wärtsilä Group’s marine seals business”, adds Mr Mikael Mäkinen.

The Tender Offer Bid period will expire on 21 June 2004. Acquisition of all these shares would mean an investment of approximately EUR 3.7 million. Agent for the tender offer is Shinko Securities Co.

Wärtsilä Corporation is the Ship Power Supplier for builders, owners and operators of vessels and offshore installations. We are the only company with a global service network to the complete care of customers’ ship machinery at every lifecycle stage.

Wärtsilä is a leading provider of power plants, operation and lifetime care services in decentralized power generation.

In 2003 the net sales of Wärtsilä were EUR 2.4 billion and the number of employees is 12,000. Wärtsilä is present in about 60 countries through its own subsidiaries.

Wärtsilä is the market leader in marine seals and bearings. It’s seals are sold under the well-known brand names Deep Sea Seals and JMT.

Japan Marine Technologies is a leading specialized manufacturer of ship-use seals and bearing equipment and fluid couplings. JMT is listed on the JASDAQ. Wärtsilä acquired the majority of Japan Marine Technologies in April 2002 from Smiths Group plc (UK).


 

Mikael Mäkinen
Group Vice President, Ship Power
Wärtsilä Corporation
Direct tel: +358-10-709 0000
Direct fax:
e-mail:mikael.makinen@wartsila.com
Internet: www.wartsila.com

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