MEDIA RELEASE PR31906
Wärtsilä Continues Expansion Within Ship Design - Acquires Singaporean Company
CWA
HELSINKI, Sept 22 /PRNewswire-AsiaNet/ -
Wärtsilä has today agreed to acquire a leading naval architecture and
ship design company Conan Wu & Associates Pte Ltd (CWA), headquartered in
Singapore. The deal also includes partnership agreements regarding CWA's
business in Malaysia, China and Hong Kong.
The price of the deal is EUR 23 millions, to be paid in cash, and an
additional amount to be paid based on the performance of the business in
years 2008-2010.
In 2007, the turnover generated by CWA's businesses was EUR 10.7 millions
and the profitability was on a very good level. CWA has 66 employees in
Singapore.
"This deal is a clear demonstration of Wärtsilä's commitment to becoming
the leading provider of ship design services in the areas, which we
specialize in, including offshore and special vessels as well as selected
merchant vessels. CWA has a strong market position and the company's
outstanding know-how is a welcome addition to Wärtsilä's offering. By
incorporating CWA into our existing ship design business, we expect to
further strengthen the competitiveness of CWA's offering to its customers,
and thus CWA's business prospects," says Jaakko Eskola, Group Vice President,
Wärtsilä Ship Power.
The acquisition of CWA is a further major step in Wärtsilä's strategy of
strengthening its position as a total solutions provider, and of being the
most valued partner for its customers. Expansion within ship design is an
important move for Wärtsilä, as it brings the company closer to its maritime
industry customers. Wärtsilä intends to offer the best and most efficient
total solutions, regardless of equipment used.
The total marine solutions provided by Wärtsilä are uniquely competitive
in their ability to integrate and optimize the various operating processes of
the entire vessel. This new and innovative way of combining ship design
know-how with equipment solutions and services will lead to significant
customer benefits, e.g. in terms of improved efficiency and reduced
emissions.
"The acquisition of CWA expands the geographical scope of Wärtsilä's ship
design services. It also excellently complements and broadens Wärtsilä's ship
design competence to cover a larger range of vessel types, including smaller,
less complicated and more standardized vessels," says Arne Birkeland, Vice
President, Wärtsilä Ship Design.
During recent years, Wärtsilä has developed and expanded its offering
within ship design, first by establishing a conceptual design unit in 2004.
This was followed by the acquisition of the German ship design company
SCHIFFKO in 2006. In July 2008, Wärtsilä acquired the global ship design
group Vik-Sandvik of Norway. Today, Wärtsilä's ship design activities include
operations in more than 10 countries and more than 500 employees.
CWA is a leading player in this field, specializing in naval architecture
and ship design services to ship builders and ship owners. The company's core
competence is in the design of offshore vessels and tugs, as well as barges
and smaller merchant vessels. CWA has a strong market position in South and
South East Asia. As a part of Wärtsilä, CWA has excellent growth potential
throughout the region, including China, India and Vietnam.
"Being a part of Wärtsilä will allow CWA to realise its huge potential,
both in Asia as well as in other markets. This deal is a great opportunity to
further develop our know-how and our business on a global scale," says Dato
Conan Wu, Chairman, CWA Pte Ltd.
CWA will be integrated into Wärtsilä Ship Design within the company's
Ship Power business. All personnel in Singapore - including the former owners
Dato Conan Wu and Mr Mok Kim Terng as well as the rest of the management of
CWA - will continue in Wärtsilä's service.
Wärtsilä in brief
Wärtsilä enhances the business of its customers by providing them with
complete lifecycle power solutions. When creating better and environmentally
compatible technologies, Wärtsilä focuses on the marine and energy markets
with products and solutions as well as services. Through innovative products
and services, Wärtsilä sets out to be the most valued business partner of all
its customers. This is achieved by the dedication of more than 17,000
professionals manning 160 Wärtsilä locations in 70 countries around the
world. Wärtsilä is listed on the Nordic Exchange in Helsinki, Finland.
SOURCE: Wärtsilä Corporation
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