Finland: Wartsila Corporation to Acquire Hamworthy

 

Wärtsilä Corporation has reached agreement with the Board of Hamworthy plc, a UK listed engineering company focussed on the marine and oil and gas sectors, in regards to a recommended cash offer for the acquisition of Hamworthy.

Under the terms of the acquisition Hamworthy shareholders will receive 825 pence in cash for each Hamworthy share valuing Hamworthy’s entire issued and to be issued share capital at approximately GBP 383 million. This represents an EV / LTM EBITDA multiple of 14.3x as per 30 September 2011. The acquisition is conditional on the approval by the shareholders of Hamworthy. The acquisition is expected to be closed during the first quarter in 2012. The acquisition is subject to relevant regulatory approvals in Germany and Norway.

Combining Hamworthy and Wärtsilä will allow both organisations to broaden and enhance their capabilities in rapidly evolving offshore, marine gas applications as well as environmental solutions markets. Both Hamworthy and Wärtsilä will benefit from technology sharing and optimised R&D to enhance position for the global marine and offshore markets.

Wärtsilä has a global footprint with operations in 70 countries across the world and significant financial scale, which will allow it to expand the geographic and customer reach of Hamworthy’s products. Wärtsilä’s extensive services network will support Hamworthy in its after sales activities.

Björn Rosengren, CEO, Wärtsilä Corporation, commenting on the acquisition, said:

We believe strongly in marine gas markets and the opportunities in the rapidly evolving environmental markets. Combining our resources with Hamworthy, we will be able to offer customers a broader portfolio of economically efficient, reliable and environmentally sustainable products and systems. We recognise the success achieved to date by Hamworthy and we are confident that our global presence, scale and resources will enable Hamworthy to accelerate its growth and exploit its full potential, particularly in the early stage environmentally sustainable technologies. We look forward to working with the management and employees of Hamworthy to combine our expertise and experience for the benefit of our customers around the globe as well as for the benefit of our shareholders.”

Gordon Page, Non-Executive Chairman, Hamworthy plc, commenting on the Acquisition said:

The Board believes this is an attractive offer for Hamworthy shareholders, reflecting the strengths of Hamworthy’s global positions and its growth prospects. Hamworthy is an innovative, global engineering company, providing high technology products, systems and services to the marine and oil and gas sectors. The combination with Wärtsilä represents a strategic transaction, and Wärtsilä has committed to providing continued stability and opportunity for our employees within the Wärtsilä Group and the continued development of Hamworthy’s extensive product and service offering for Hamworthy’s customers.”

Shipbuilding Tribune Staff, November 22, 2011; Image: wartsila

Share this article

Follow World Maritime News

Posted on November 22, 2011

In Depth>

Events>

<< May 2016 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

TOC Europe 2016

The events now have a renewed focus on supply chain making them the premier business and networking event for the stakeholders within…

read more >

7th Annual International Port Security Conference

The SMi Group announces the 7th annual International Port Security Conference. The event will be held in London on the 1st and 2nd of June 2016.

The conference aims to bring together key decision makers in the industry to discuss modern methods of port security and provide effective learning experiences for all delegates through the carefully selected expert speaker line up.

Interacting with delegates from across the globe and hearing from industry leading experts will ensure delegates are up-to-date with high priority information that enables you to best secure your seaports, civilians and means of trade.

Topics to be discussed include terrorism, cyber terrorism, emergency intervention procedures, optimising technology use in security checks and case studies featuring some of the largest ports across the world. Our diverse range of topics will allow delegates to learn best practices for port security and understand further how other ports are resolving core challenges.

More info

read more >

CLIA Cruise360 – A Panoramic View to Cruising

Developed and hosted by Cruise Lines International Association (CLIA), Cruise360 offers a truly panoramic view of the cruise industry…

read more >

Posidonia 2016

Posidonia is a firm fixture for the global shipping industry. Every two years it is the essential place for serious business at the largest…

read more >