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Wartsila Corporation Pays for Lips Service
01 Feb 2002
The Wartsila Corporation has purchased marine propulsion systems supplier John Crane-Lips from its UK-based parent Smiths Group for ?350 million. Wartsila entered into a strategic agreement with John Crane-Lips in October 2000 and now sees integrated engine/propulsion systems accounting for up to 40% of its engine sales.
John Crane-Lips will operate within Wartsila under the name Wartsila Propulsion. Wartsila acquires the brand name Lips while the Smith Group retains the name John Crane. The acquired business and its 1,200 employees will be part of the Wartsila Marine Division, adding ?235m to its net sales.
John Crane-Lips has operational centres in the Netherlands, the UK, America, Japan and Norway as well as five manufacturing sites in Europe and Japan.
MJ Information 16729
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