Wartsila Continues Expansion Within Ship Design - Acquires Singaporean Company Cwa

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22nd September 2008, 09:28pm - Views: 856





Industry Construction Wrtsil Corporation 1 image





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.


Industry Construction Wrtsil Corporation 2 image

    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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