Wärtsilä's acquisition of Hamworthy becomes effective - total solutions concept significantly strengthened
Jan. 31, 2012 - Hamworthy's portfolio of high technology products and systems represents a valuable complementary addition to Wärtsilä's offering. The combining of the two companies' strengths will speed up and ease the means for customers to reduce operating costs and achieve compliance with environmental legislation.
Wärtsilä's acquisition of the British-headquartered, global engineering company Hamworthy plc has today become effective. This acquisition is a major step in Wärtsilä's strategy to strengthen its position as a total solutions provider, and to be the most valued partner for its customers with a complete range of products, integrated solutions, and services to the marine and offshore industries. Wärtsilä announced the recommended cash offer for Hamworthy in November last year.
Wärtsilä already has an exceptionally broad offering that covers the complete lifecycle of a vessel, from initial ship design to daily operating requirements, and which is backed by the most extensive global service network in the industry. Hamworthy's portfolio of high technology products and systems represents a valuable complementary addition to this range. With the marine and offshore industries undergoing challenging times as a result of economic and environmental restrictions, the combining of the two companies' strengths will speed up and ease the means for customers to reduce operating costs and achieve compliance with environmental legislation. It also further facilitates 'one-stop' procurement procedures for shipyards to reduce risks arising from having multiple suppliers.
"This move is fully in line with our strategy," says Jaakko Eskola, Group Vice President, Wärtsilä Ship Power. "Both companies are excited by the challenges and opportunities in the rapidly evolving offshore, marine gas applications, as well as environmental solutions markets. We have the broadest range of solutions and services in the industry, and by adding Hamworthy's strengths to our own, we can serve our customers even better."
"We are delighted to be joining Wärtsilä, an acknowledged leader in providing technologically advanced solutions for customers around the world. The Hamworthy strengths will be gradually and systematically integrated with those of Wärtsilä, with the end result that the customer's route to greater profitability and easier compliance will be shortened," says Joe Oatley, CEO, Hamworthy.
Hamworthy has been highly successful in providing a wide assortment of specialist equipment and systems to the shipping industry, and systems that improve process efficiency and environmental compliance in the oil & gas industry. The joining of these two industry leaders will thus create an exciting platform for long-term growth. In particular, the ability to address and prepare for future legislation and operating requirements will be enhanced, to the benefit of customers and stakeholders around the world.
Hamworthy employs approximately 1000 people worldwide, and has offices in Europe, the USA, Asia, the Middle East and India. Wärtsilä currently employs some 18,000 people working from 170 locations in 70 different countries.
Link to Stock Exchange release (22 November 2012):
Wärtsilä Corporation announces recommended cash offer for Hamworthy plc
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