Wartsila seals acquisition of Hamworthy
A deal has been completed that will see Wartsila take over Hamworthy.
Finnish power solutions provider Wartsila has completed sales negotiations for a deal that will see it take over engineering firm Hamworthy for £383 million.
The all-cash acquisition represents 825p per share and it is expected to be tied up in the first quarter of 2012.
At present, Wartsila has operations in 70 countries and this deal allows the firm to expand its offshore marine gas applications offerings.
Bjorn Rosengren, chief executive officer at Wartsila Corporation - which had net sales of €4.6 billion (£4 billion) in 2010 - said he believes the marine gas market will continue to develop in years to come.
"Combining our resources with Hamworthy, we will be able to offer customers a broader portfolio of economically efficient, reliable and environmentally sustainable products and systems," Mr Rosengren remarked.
He added his company is confident they will be able to improve on the success that Hamworthy has tasted.
Posted by David Gleck
Source: Wartsila press release, November 22nd