Wärtsilä's acquisition of Total Automation in Singapore closed

Wärtsilä Corporation
  • Stock exchange release
30 June 2006 at 3:00 PM E. Europe Standard Time

Wärtsilä’s acquisition of Total Automation Ltd in Singapore has been closed today. In February Wärtsilä signed an agreement to acquire the entire business of Total Automation Ltd and all the shares in its subsidiaries.

Total Automation is a leading engineering, control and instrumentation specialist servicing marine, offshore, oil & petrochemical, power & utilities, gas storage and processing industries. The customers are multinational companies, shipyards and ship owners.

Total Automation’s net sales in 2005 totalled EUR 42.8 million and it has consistently generated EBIT margins in excess of 15%. The company employs over 400 people and has facilities in Singapore, Dubai, France, the UK and China. The transaction price is EUR 61.6 million. The business will be consolidated to Wärtsilä as of the 30th of June, 2006. Mr Richard Willenbrock will continue as President of the company.

The acquisition is part of Wärtsilä´s strategy to expand its Services business and it complements earlier electrical and automation acquisitions in Europe and North America.

Further information:

Pekka Ahlqvist,
Vice President,
Wärtsilä Automation,
phone +358 10 709 2425

www.wartsila.com

 

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