Acquisitions, divestments, and strategic partnerships

Wärtsilä’s strategic goal is to maintain the leading position in its field and to grow further. This is done by providing customers with the best lifetime efficiency and reliability in the market through an integrated offering that meets their business needs throughout the world. Wärtsilä will also grow by adding to the offering new products and services that help customers operate their power systems more efficiently and safely. Wärtsilä will increase its capabilities in automation as well as strengthen its offering of solutions for environmentally safe and reliable power system operations through a combination of organic growth, partnerships, and acquisitions.

Information about acquisitions, divestments, and strategic partnerships prior to the beginning of 2005 can be found in the press release archive.

Read more about the history of Wärtsilä in the About us section.

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Acquisitions

Date	Company	Description
May 2019	Ships Electronic Services Ltd	Acquisition of Ships Electronic Services Ltd (“SES”), a UK based company specializing in navigation and communication electronics, installation, maintenance and repair services, mainly for commercial and leisure vessels. The acquisition was signed and closed on 2 May 2019. SES, established in 1974, has its headquarters in Rochester and operates also out of nine other offices in the UK. The company, together with its wholly-owned subsidiary Greenham Regis Ltd, holds a strong local presence across the local marine service market. SES’ turnover is approximately GBP 10m and the company employs 47 staff. The enterprise value of the transaction is GBP 3.2m. Link to release 2.5.2019
October 2018	Burriel Navarro, S.L	Acquisition of Burriel Navarro, S.L, a company operating in underwater services in the main ports of Spain. The acquisition supports the growth of Wärtsilä’s underwater services and expands the company’s local presence in the European market. Burriel Navarro has 20 employees and its annual revenue is approximately EUR 1.3 million. The acquisition was signed and closed on 31 October 2018. Link to release 31.10.2018
March 2018	Transas	Acquisition of Transas, a global company headquartered in the U.K. The move will speed Wärtsilä along its path towards its Smart Marine Ecosystem vision. Transas is a global market leader in marine navigation solutions. Transas’ current annual net sales are in the region of EUR 140 million. The company has 22 regional offices worldwide and a distribution network that spans 120 countries. It has a workforce of approximately 1000 employees who will be integrated within Wärtsilä’s Marine Solutions business. The transaction is valued at MEUR 210 (enterprise value). Control of the company will be transferred to Wärtsilä effective from 4 May, 2018. Link to release 19.3.2018 Link to release 4.5.2018
February 2018	LOCK-N-STITCH	Wärtsilä is expanding the service offering of its QuantiServ business line with the acquisition of the American engineering company LOCK-N-STITCH. The acquisition strengthens Wärtsilä’s service portfolio for customers operating multiple brands. Ownership of LOCK-N-STITCH was transferred to Wärtsilä on February 1, 2018. Link to release 2.2.2018
December 2017	Trident B.V.	Acquisition of Trident B.V., a Netherland based company specialised in underwater ship maintenance, inspection, and repair services. Through the acquisition Wärtsilä becomes the first global operator in the underwater services market. Wärtsilä has a long history in providing underwater services through partners. With this acquisition, the company builds in-house competence, captures the full potential of services' product synergies, and strengthens its position in the market. The enterprise value of the transaction is EUR 17.5 million and an additional EUR 3.5 million earn-out, based on the business performance in the coming years. The turnover of Trident is approximately EUR 9 million. Link to release 21.12.2017
October 2017	Guidance Marine Limited	Acquisition of Guidance Marine Limited, a privately owned company with offices in the UK, Singapore and the USA. Guidance Marine is recognised as a technology leader in the marine industry for sensor solutions relating to dynamic positioning and other vessel control systems. The acquisition of Guidance Marine will enhance Wärtsilä's capabilities in the area of situational awareness and near-field measurement, both essential for more intelligent vessel navigation. The transaction is valued at GBP 14 million (enterprise value) including a maximum deferred payment of GBP 4 million. In 2016, Guidance Marine’s turnover was GBP 6 million. Guidance Marine employs more than 50 people worldwide. Link to release 10.10.2017
October 2017	Puregas Solutions	Acquisition of Puregas Solutions, the Sweden based provider of turnkey biogas upgrading solutions. Puregas is a leading player in its field with subsidiary companies in Germany, Denmark, the U.K., and the USA. The company utilises a unique CApure process to convert raw biogas to biomethane and renewable natural gas. The transaction is valued at SEK 280 million (enterprise value) with an additional maximum sum of SEK 70 million to be paid based on the performance of the business in the coming year. In 2016, Puregas Solutions’ turnover was SEK 200 million. The company currently has approximately 40 employees. Link to release 4.10.2017
May 2017	Greensmith Energy Management Systems Inc.	Acquisition of Greensmith Energy Management Systems Inc., a US-based leader in intelligent energy storage technology and solutions. The acquisition of Greensmith will enable Wärtsilä to expand its footprint in the energy storage market and position itself as a leading global energy systems integrator. In 2016, Greensmith’s revenues were USD 32 million with over 40 employees. The transaction is valued at USD 170 million (enterprise value). Ownership of the company was transferred to Wärtsilä with effect from 3 July 2017. Link to release 15.5.2017 Link to release 3.7.2017
June 2016	Eniram	Acquisition of Eniram, a Finland-based technology company providing the marine industry with energy management and analytics solutions. Eniram provides the maritime industry with energy management technology to reduce fuel consumption and emissions. In 2015, Eniram's turnover exceeded EUR 10 million with 89 employees worldwide. Eniram will initially continue as a strong independent business entity supported by Wärtsilä's global capabilities. The transaction is valued at EUR 43 million (enterprise value). Ownership of the company will be transferred to Wärtsilä with effect from 1 July 2016. Link to release
June 2016	Weir American Hydro	Acquisition of the USA and Canada based company Weir American Hydro from the Weir Group plc. American Hydro is a leading supplier and installer of large equipment upgrades and servicing for the hydroelectric and water distribution industries, specializing in consultancy, design and precision performance enhancements for hydro-turbines and pumps. With its headquarters in York, Pennsylvania, USA and a service center in Montreal, Canada, they currently employ 241 people, with net sales of USD 45.6 million in 2015. Link to release
May 2015	L-3 Marine Systems International	Wärtsilä Corporation acquired L-3 Marine Systems International from NYSE-listed L-3 Communications Holdings Inc. L-3 Marine Systems International (L-3 MSI) is a business sector within L-3’s Electronic Systems business segment primarily focused on the commercial ship industry. The transaction is valued at MEUR 285 (enterprise value). After estimated adjustments of cash, working capital, and pension liabilities, the purchase price is estimated to be MEUR 295. The final purchase price will be determined based on closing accounts. The acquisition received Korean merger control clearance in March and EU clearance in April. Link to the release
March 2012	MMI Boiler Management Pte Ltd	Acquisition of assets and business of MMI Boiler Management Pte Ltd., a Singapore-based company specialising in the service and maintenance of boilers for marine and industrial applications. The company's activities include the service, maintenance, repair and installation of boilers, for both marine and land-based customers. MMI Boiler Management's net sales were approximately EUR 5.3 million in 2011, and the company has 138 employees. Link to the release
January 2012	Hamworthy	Acquisition of Hamworthy, a global provider of specialist equipment and services to the marine, oil & gas and industrial sectors. Hamworthy employs around 1,150 people worldwide. Headquartered in Poole (UK), Hamworthy has design, manufacture and sale of equipment facilities in the UK, Norway, Denmark, Germany, Singapore, and a modern assembly plant in China. In its most recent financial year, ended 31 March 2011, Hamworthy achieved revenue of GBP 181.6 million (2010: GBP 214.3 million) and underlying operating profit of GBP 13.8 million (2010: GBP 19.7 million). Link to the release
July 2011	Cedervall	Acquisition of one of the leading manufacturers of shaft seal and bearing systems for the marine industry, Cedervall. Headquartered in Gothenburg, Sweden, the company also has subsidiaries in Spain, China and Singapore, with manufacturing facilities in Sweden, China and Spain. In 2010, the company's annual net sales were SEK 344 million (EUR 39 million) and its profitability was on a good level. The company employs 211 people. Link to the release
September 2008	Conan Wu & Associates Pte Ltd (CWA), Singapore	Acquisition of a leading naval architecture and ship design company Conan Wu & Associates Pte Ltd (CWA), headquartered in Singapore. The price of the deal is EUR 23 million. In 2007 the turnover generated by CWA's businesses was EUR 10.7 million and the profitability was on a very good level. CWA has 66 employees in Singapore. CWA will be integrated into Wärtsilä Ship Design within the company's Ship Power business.
September 2008	Navelec SAS, France	Acquisition of Navelec SAS, a French company specializing in marine navigation and communication systems, electrical marine services, and control and automation services. Navelec’s annual net sales were 7 million euros in 2007. The company employs 45 people, of which 26 are field service personnel. Navelec’s businesses will be integrated into Wärtsilä Services’ business in France. The value of the deal is not published.
July 2008	Vik-Sandvik, Norway	Acquisition of the global ship design group Vik-Sandvik, a leading independent group providing design and engineering services to ship owners and the ship building industry worldwide. The value of the acquisition is EUR 132 millions, with an additional maximum sum of EUR 38 millions to be paid based on the performance of the business over the next three years. In 2007, Vik-Sandvik’s turnover was EUR 55 millions and the profitability is on a very good level. The number of employees is 410.
June 2008	Claus D. Christophel Mess- und Regeltechnik GmbH (CDC), Germany	Acquisition of the German company Claus D. Christophel Mess- und Regeltechnik GmbH (CDC), which specializes in the design, delivery and service of automation systems for ship owners and yards. Annual sales were EUR 2.1 million in 2007. The company employs 12 people.
April 2008	International Combustion Engineering A/S (I.C.E.), Denmark	Acquisition of the Danish company International Combustion Engineering A/S (I.C.E.). The company specializes in project engineering and the service and repair of steam boilers and ancillary burner systems. Annual net sales 46,8 million Danish crowns (EUR 6.3 million), number of employees 30. The acquisition expands Wärtsilä's service offering into the new category of boiler services.
March 2008	Maritime Service AS, Norway	Acquisition of Maritime Service AS. The company specializes in ship service, mechanical and reconditioning services. Net sales appr. EUR 3.2 million, number of employees 28.
August 2007	Electrical Power Engineering (Scotland) Ltd.	Acquisition of a Scottish company Electrical Power Engineering (Scotland) Ltd. The company specializes in electrical power engineering solutions for marine, offshore, industrial and utilities segments. Net sales appr. EUR 20 million, number of employees 31.
May 2007	Marine business of Railko Ltd., UK	Acquisition of part of the marine business of Railko Ltd. in the UK, a company specializing in syntetic stern tube bearing technology. Net sales of the marine business is about EUR 6 million and the number of employees is 25.
May 2007	McCall Propellers Ltd., UK	Acquisition of the UK-based propeller repair company McCall Propellers Ltd. The company's net sales are GBP 6.4 million (EUR 9.4 million).
February 2007	Senitec AB, Sweden	Acquisition of the swedish company Senitec AB in Varberg. The company is privately-owned and specialized in environmental technology products for separating waste such as oily water and sludge in power plants, harbours and ships.
January 2007	Marine Propeller (Pty) Ltd, South Africa	Acquisition of the entire business of the South African company Marine Propeller (Pty) Lts in Cape Town, South Africa. The company is privately owned and focuses mainly on repairing propellers.
December 2006	SCHIFFKO, Germany	Acquisition of the German ship design company group SCHIFFKO. The company specializes in the planning and design of ships especially in the container, research and offshore vessel segments. The acquisition supports Wärtsilä's strategic focus to grow as a system integrator and provider of total solutions to the shipping and shipbuilding market.
October 2006	Stockholms fartygsreparationer AB, Sweden	Acquisition of the Swedish company Stockholms Fartygsreparationer. The company handles all types of ship repair on the eastern coast of Sweden. The acquisition is a base for further expansion along the Swedish east coast and a part of Wärtsilä’s strategy to expand the business operations of the Wärtsilä Services.
July 2006	INTEC Injectortechnic GmbH, Germany	Acquisition of German company specialized in fuel injection equipment, providing installation and services of injection components for marine diesel engines. The acquisition strengthens Wärtsilä’s competence in the area of this important engine technology.
February 2006	Diesel Technology Solutions BV (DTS), the Netherlands	Acquisition of component machining capacity, secures added capacity to handle current high order book at Vaasa and Trieste factories.
February 2006	Total Automation Ltd, Singapore	Acquisition of company in marine automation, strong foothold in offshore and LNG sectors. Part of strategy to strengthen position as Total Service supplier. Complements earlier automation and electrical automation acquisitions. Acquisition price appr. EUR 61.6 million.
February 2006	Aker Kvaerner Power and Automation Systems AS (AKPAS), Norway	Acquisition of supplier of power and automation systems for oil & gas, marine and industrial markets. Part of strategy to strengthen position as Total Service supplier. Complements earlier automation and electrical automation acquisitions. Acquisition price appr. EUR 12 million.
December 2005	Gerhardt Holding Co., Inc., United States	Acquisition of company in servicing control and automation equipment for gas and diesel engines. Part of growth strategy in Services. Acquisition price EUR 8.6 million.
March 2005	DEUTZ AG, Germany	Acquisition of DEUTZ AG's medium and large marine engine service business. In line with strategy to expand Service business by increasing scope of services and by acquisitions. Acquisition price EUR 115 million.

Divestments

Date	Company	Description
October 2020	Wärtsilä Valves Ltd	Wärtsilä announced the divestment of 100% of the shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital L.P., based in New York, US. Wärtsilä Valves Ltd. supplied the entire range of three long-established brands: Shipham, John Mills and Robert Cort. Its activities included engineering, assembly, testing, sales and delivery of nickel aluminium bronze (NAB) and duplex valves for marine, oil & gas and energy markets. Additionally, Wärtsilä Valves offered applications for Valves’ products, including e.g. FPSO, petrochemical facilities, power generation, LNG, naval marine, marine services, waste water treatment plants and pipelines. Wärtsilä Valves became part of the Wärtsilä group as a result of the Hamworthy acquisition in 2012. The transaction was closed on the 1st of October. Link to release 1.10.2020
September 2020	Wärtsilä JOVYATLAS GmbH	Divestment of 100% of the shares in Wärtsilä JOVYATLAS GmbH to Jacob Waits Industrie GmbH, a German based industry holding. Wärtsilä JOVYATLAS has been manufacturing UPS systems, rectifiers, power inverters, frequency transformers and resistors with related services for many industries already for seven decades. The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. The company is located in Jemgum in Germany, and currently has some 125 employees. The annual revenues were EUR 20 million in 2019. Link to release 23.9.2020
December 2019	Wärtsilä ELAC Nautik GmbH (ELAC Nautik)	Divestment of shares in Wärtsilä ELAC Nautik GmbH (ELAC Nautik) to Cohort plc, a UK listed company, specialising in defence, security and related market sectors. ELAC Nautik became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. Its main market focus is on hydroacoustic products, including sonars, underwater communication systems and echo systems for small and medium sized military submarines. Link to release 12.12.2019
October 2018	Wärtsilä Pumps	Divestment of Wärtsilä Pumps. Wärtsilä Pumps has belonged to the Wärtsilä Marine Solutions organisation and became part of the company along with the acquisition of Hamworthy in 2012. Link to release 31.10.2018
September 2016	Wärtsilä's power drives business	Divestment of Wärtsilä's Drives products and associated manufacturing. Link to release 23.9.2016
June 2016	Winterthur Gas & Diesel (WinGD)	Wärtsilä and China State Shipbuilding Corporation (CSSC) have agreed to transfer Wärtsilä’s 30% minority stake in the two-stroke joint venture Winterthur Gas & Diesel (WinGD) to CSSC. Following the transaction, CSSC owns 100% of WinGD. The two-stroke operations have, until the divestment, been classified as discontinued operations. Link to the release
June 2014	Wärtsilä TMH Diesel Engine Company LLC	Divestment of Wärtsilä's 50 percent share in the joint venture to the other joint venture party Transmashholding. Link to the release
May 2012	MW Power Oy	Divestment of Wärtsilä's 40 percent share in the joint venture to the other joint venture party Metso. Link to the release
November 2006	Ovako Oy Ab	Divestment of the operating companies owned by Oy Ovako Ab to a company owned by the shareholders of Hombergh Holdings BV, WP de Pundert Ventures BV and Pampus Industrie Beteiligungen GmbH & Co. KG. The divestment of Ovako concludes Wärtsilä’s plan to focus on the company’s core businesses. Wärtsilä registered a tax-free capital gain on the transaction of appr. EUR 49 million.
December 2005	Wärtsilä Propulsion Heerlen B.V, the Netherlands	Divestment. Part of Wärtsilä’s manufacturing strategy.
April 2005	Wärtsilä’s manufacturing unit in France	Divestment of high-speed manufacturing unit in Mulhouse, France to Mitsubishi Heavy Industries Ltd. Completes restructuring programme started in 2003.

Strategic partnerships

Year	Company	Description
2016- 2017	CSSC Wärtsilä Electrical & Automation Co Ltd (CWE&A)	Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed a joint venture company agreement. The joint venture will focus on the growing Chinese electrical & automation (E&A) market, especially for high-tech ship applications. Link to release 6.12.2017 Link to release 7.3.2017 Link to release 17.3.2016
2015-2016	Winterthur Gas & Diesel Ltd	Wärtsilä and China State Shipbuilding Corporation (CSSC) had a joint venture, which took over Wärtsilä's 2-stroke engine business. Through the agreement, CSSC owned 70% of the business through its affiliate CSSC Investment and Development Co. Ltd, while Wärtsilä held a 30% ownership position. Wärtsilä divested its minority stake to CSSC in 2016. Link to release 20.6.2016 Link to release 19.1.2015 Link to release 18.7.2014
2014	CSSC Wärtsilä Engine (Shanghai) Co. Ltd	Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines. The CSSC Wärtsilä Engine (Shanghai) Co. Ltd factory will be located at Lingang, Shanghai and is expected to have its first engine ready for delivery by the end of 2015. The company will in particular target the growing offshore and LNG markets, as well as the market for very large container vessels. The Wärtsilä share of the joint venture is 49 per cent and the size of Wärtsilä's equity investment is approximately EUR 12 million. Link to release 18.7.2014
2012	Wärtsilä Yuchai Engine Co. Ltd	Wärtsilä and Yuchai Marine Power Co. Ltd. (YCMP) have signed an agreement in Zhuhai, China to establish a 50/50 joint venture for manufacturing medium-speed marine engines in Zhuhai City, Guangdong Province. The joint venture will serve the increasingly dominant Chinese shipbuilding industry, with the focus being on the assembly and testing of Wärtsilä 20, Wärtsilä 26 and Wärtsilä 32 engines. Operations are planned to start in 2014. The value of Wärtsilä's investment in the joint venture is approximately EUR 17 million. Link to release 28.5.2013 Link to release 20.12.2012
2007	Wärtsilä Hyundai Engine Company Ltd	Wärtsilä and Hyundai Heavy Industries Co. Ltd (HHI) 50/50-owned joint venture in Korea to manufacture dual-fuel engines for LNG (liquefied natural gas) carriers. The total investment in the company will be EUR 58 million, Wärtsilä´s share being EUR 29 million. The name of the company is Wärtsilä Hyundai Engine Company Ltd and the location is South Korea. Link to the release 23.1.2007
2006	Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co Ltd (QMD)	Wärtsilä, China Shipbuilding Industry Corporation (CSIC) and Mitsubishi Heavy Industries (MHI) joint venture to manufacture large, low-speed marine engines in China. CSIC holds 50% of the joint venture, Wärtsilä 34% and Mitsubishi 16%. The joint venture is called Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co Ltd (QMD).
2006	Wärtsilä BLRT Services Klaipeda UAB	Wärtsilä Corporation and the BLRT Grupp of Estonia joint venture to service ships in the Baltic area, owned 51% by Wärtsilä and 49% by the BLRT Grupp. Joint venture is called Wärtsilä BLRT Services Klaipeda UAB and it provides a single source of marine service covering all aspects of ship repair including servicing of engines, gearboxes, propellers, and other ship equipment. Wärtsilä BLRT Services Klaipeda UAB operates inKlaipeda, Lithuania.
2005	Oy Ovako Ab	Wärtsilä, Rautaruukki and SKF merge long steel businesses into a jointly owned new company Oy Ovako Ab. Wärtsilä owns 26.5%.
2005	Wärtsilä Qiyao Diesel Company Ltd	Wärtsilä and Shanghai Marine Diesel Engine Research Institute, an underlying company of China Shipbuilding Industry Corporation (CSIC), joint venture on manufacturing of Wärtsilä designed marine auxiliary engines in China. The 50/50 owned company is named Wärtsilä Qiyao Diesel Company Ltd. The assembly factory is located in the Shanghai area where the company manufactures defined Wärtsilä Auxpac generating sets for the growing shipbuilding market in China and and globally, and distributes them through Wärtsilä’s global sales network.
2005	Oü Ciserv BLRT Baltica	Wärtsilä Corporation and the BLRT Grupp of Estonia joint venture to service ships in the Baltic area, owned 51% by Wärtsilä and 49% by the BLRT Grupp. Joint venture is called Oü Ciserv BLRT Baltica and it provides a single source of marine service covering all aspects of ship repair including servicing of engines, gearboxes, propellers, and other ship equipment. Ciserv BLRT Baltica operates in Tallinn, Estonia.
2003	Wärtsilä-CME Zhenjiang Propeller Co. Ltd	Propeller manufacturing joint venture company 55% -owned by Wärtsilä and 45% -owned by CME. The name of the company is Wärtsilä-CME Zhenjiang Propeller Co. Ltd. The joint venture is located in Zhenjiang some 220 km west of Shanghai.

About Wärtsilä

Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers.

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