Wärtsilä’s acquisition in Singapore has been approved by the shareholders of Total Automation Ltd in an Extraordinary General Meeting today. In February Wärtsilä signed an agreement to acquire the entire business of Total Automation Ltd and all the shares in its subsidiaries. The transaction is expected to close within the second quarter of 2006.
The transaction price is EUR 61.6 million. 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.
Further information: Tage Blomberg, Group Vice President, Wärtsilä Services, phone +358 10 709 2425