Wärtsilä acquire Hamworthy plc
Wärtsilä's Björn Rosengren has announced the acquisition of Hamworthy plc
Wärtsilä announced on Tuesday that an agreement for the acquisition of UK engineering firm Hamworthy plc has been reached.
The move will enable the companies to combine resources and improve their market position with a view to exploiting more opportunities in the offshore market.
In a press conference held on Tuesday, Björn Rosengren, chief executive of Wärtsilä said, “This acquisition enables both organisations to broaden and enhance their capabilities in the rapidly growing offshore, marine gas applications and the environmental solution market”.
Hamworthy plc specialise in the marine and oil and gas sectors. The company will be incorporated into the ship power division of Wärtsilä, whose global footprint will increase the geographical locations of sales and after sale service for Hamworthy products.
Under the terms of the acquisition, Hamworthy shareholders will receive 825p in cash for each share, valuing Hamworthy’s share capital at approximately £383m.
The acquisition is conditional on the approval of Hamworthy shareholders and relevant regulatory approvals in Germany and Norway.
The deal is expected to be concluded in the first quarter of 2012.
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