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Wartsila's Hamworthy acquisition to become effective imminently

The acquisition of Hamworthy by Wartsila will become effective at the end of January.

27 January 2012

Wartsila's acquisition of Hamworthy is due to become effective on January 31st.

President and chief executive officer of Wartsila Bjorn Rosengren said this will boost the firm's capabilities in the environmental solutions, marine gas applications and offshore markets, which will "provide important synergies".

Although the acquisition might slightly damage the group's income during 2012, it will enhance its earnings "as soon as it is finalised", he added.

Overall, the enterprise is expecting a growth in its net sales of between five and ten per cent, with operations profitability forecast to be from ten to 11 per cent.

The company underwent other mergers and acquisitions over 2010, purchasing shaft seal and bearing system manufacturer Cedervall and establishing a joint venture with Jiangsu CuiXing Marine Offshore Engineering.

Wartsila was also recently selected to deliver a dual-fuel power station for the Domincian Republic as a turnkey project on behalf of Empresa Generadora de Electricidad Haina, with an order value of around €150 million (£125.4 million).

Posted by Edel Quinn

Source: Wartsila press release, January 27th

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