Wärtsilä's acquisition of engine repair and reconditioning business in Singapore completed

Wartsila Corporation, Stock exchange release, 20 May 2002 at 03:01 UTC+2

Wärtsilä Corporation STOCK EXCHANGE RELEASE 20 May 2002

Wärtsilä entered into an agreement to acquire the engine repair and reconditioning business from Metalock Singapore Ltd at the beginning of the year. This deal has now received the requisite approval of the company’s shareholders and authorities. The business will be consolidated in Wärtsilä from 20 May 2002.

The acquisition price is approximately EUR 5.4 million. The business has an annual net sales of EUR 8.8 million and 87 employees.

The acquired business will be called Ciserv Singapore Pte Ltd and it is located in Singapore. It will specialize in repairing and reconditioning marine engines, focusing in particular on low-speed engines in the South East Asian region. Wärtsilä Singapore provides other maintenance services for Wärtsilä’s marine and power plant customers.

Further information: Tage Blomberg, Group Vice President, Service Division, Wärtsilä Corporation, tel. +358 10 709 2425.