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Press Release

Wärtsilä enters new service category - acquires Danish steam boiler service company

April 24, 2008 - Wärtsilä has acquired the Danish company International Combustion Engineering A/S (I.C.E.). I.C.E. specializes in project engineering and the service and repair of steam boilers and ancillary burner systems. The company has its headquarters in Aalborg, Denmark.

The acquisition of I.C.E. will expand Wärtsilä's service offering into the new category of boiler services. This new service category will further improve Wärtsilä's competitiveness as a leading total services provider.

I.C.E. has a strong market position, particularly with merchant vessels, while its major customers are shipping companies around the world. The company also has a trading division that supplies spare parts for boiler and burner systems. Furthermore, I.C.E. has the potential for strong global growth, and for expansion into segments such as offshore, cruise & ferry and special vessels, as well as to non-marine related industrial and land based power plant applications.

The company's annual net sales amounted to 46,8 million Danish crowns (EUR 6.3 million) in 2007. In Denmark, I.C.E. currently employs 30 full time people. I.C.E.'s businesses will be integrated into Wärtsilä Services business in Denmark and all personnel will continue as Wärtsilä employees. The value of the deal is not published.

"I.C.E.'s excellent know-how of boiler services is a very welcome addition to Wärtsilä's service offering. The acquisition will further expand Wärtsilä's competitiveness and position as the number one global service provider", says Mr Tage Blomberg, Group Vice President, Wärtsilä Services.



Further information
Tage Blomberg, Group Vice President, Wärtsilä Services,
tel. +358-40-5057568
Uffe Nyborg Johansen, President, Services, Wärtsilä Denmark,
tel. +45-99569956
Roland Pedersen, Managing Director, I.C.E. A/S, tel. +45-6372000
Atte Palomäki, Group Vice President, Corporate Communications, Wärtsilä Corporation, tel. +358-40-5476390


For more information about I.C.E., please visit: www.ice-denmark.com


2008-04-25

Please see Wärtsilä Corporation /Wärtsilä Vostok, LLC (WRU)/ company electronic office

For more information, please contact:
Mirja-Maija Santala
Media Manager
Wärtsilä Corporation
Tel. +358 (0)400 793 827
E-mail: mirja-maija.santala@wartsila.com 

Wärtsilä Vostok, LLC (WRU)
Tel/Fax: +7 812 448-32-48
E-mail:
office.spb@wartsila.com  

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