Wärtsilä acquires reconditioning business CGL Industries Ltd. in Canada

Wartsila Corporation, Stock exchange release, 1 October 2002 at 03:01 UTC+2

Wärtsilä Corporation STOCK EXCHANGE RELEASE 1 Oct. 2002 at 9.00 am

Wärtsilä has acquired an engine component reconditioning company CGL Industries Ltd. in Canada. The deal was closed September 30th, 2002.

The acquisition consists of the marine engine repair and reconditioning business and workshops. The sales volume of the acquired company is approximately EUR 4.0 million and number of employees is 57.

"CGL's strong position in the marine equipment service field as well as the broad range of products and services available are strategically important for Wärtsilä. This acquisition further strengthens our total service offerings in North America", says Tage Blomberg, Group Vice President and Head of the Service division.

The acquired company will operate under the name Ciserv CGL Industries and it will concentrate on reconditioning service and engine repair. Mr Dennis Drummond will continue as Managing Director of the company.

Wärtsilä Corporation is the leading global ship power supplier and a major provider of solutions for decentralized power generation and of supporting services. In addition Wärtsilä operates a Nordic engineering steel company Imatra Steel.

For further information, please contact:
Mr Tage Blomberg, Group Vice President, Service, Wärtsilä Corporation, tel. +358 10 709 2425.