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Press Release

Wärtsilä continues expansion within ship design - acquires Singaporean company CWA

September 22, 2008 - 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.


2008-09-22

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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