Wärtsilä acquires Power and Automation Systems company from Aker Kvaerner

Wärtsilä Corporation, Stock exchange release 3 February 2006 at 14:00 UTC+2

Wärtsilä has acquired Aker Kvaerner Power and Automation Systems AS (AKPAS) from Aker Kvaerner. AKPAS supplies power and automation systems for the oil and gas, marine and industrial markets. The company operates mainly in the North Sea region with major oil and gas companies and Norwegian shipyards. AKPAS has annual net sales of EUR 28 million and 135 employees in Stord, Norway. The acquisition price is approximately EUR 12 million.

“The acquisition supports our growth strategy and it will enhance Wärtsilä’s product portfolio and system integration capabilities in electric propulsion, power distribution and automation, especially in the oil and gas and offshore sectors. It also strengthens our capabilities for further development of electric systems and automation. In addition the acquisition offers interesting synergies with Wärtsilä as we are working in many projects with AKPAS already,” says Mikael Mäkinen, Executive Vice President and Head of Ship Power.

“This is a very good example of how we can find good industrial win-win solutions," says Torleif Gram, Executive Vice President in Aker Kvaerner.

“Here we have at least four winners:

-"Wärtsilä, which takes over a company with a substamtial order reserve, a competent workforce and good products which fit into their product portfolio

-Aker Kvaerner, which will be compensated for developing the company

-The employees, who will get a new big owner who will aim at further development both the employees and the products

-The local community of Stord, which in addition to Aker Kvaerner gets another large international industrial corporation in their industrial flora. Wärtsilä is already established in the neighbouring municipality of Bomlo.

“As Aker Kvaerner Power and Automation Systems no longer fit into our core activity I am very satisfied that it will be Wärtsilä, a corporation of high standing, which will continue the operation of the company. I am convinced that they will carry on the business because AKPAS fit very well into the portfolio of the Wärtsilä marine and offshore solutions," says Mr Torleif Gram.

For more information, please call, Executive Vice President Mikael Mäkinen, tel +338 10 709 5620.

Wärtsilä in brief

Wärtsilä enhances the business of its customers by providing them with complete lifecycle power solutions. When creating better and environmentally compatible technologies, Wärtsilä focuses on the marine and energy markets with products and solutions as well as services. Through innovative products and services, Wärtsilä sets out to be the most valued business partner of all its customers. This is achieved by the dedication of more than 12.000 professionals manning 130 Wärtsilä offices in over 60 countries around the world.