Wilhelmsen Maritime Services and FSN Capital have decided to end negotiations on the planned 50/50 owned company. The companies signed a letter of intent in May aiming at establishing a joint venture company.
The letter of intent aimed establishment of a joint venture within engineered solutions, equipment and services to the maritime and offshore markets trading under the business area Wilhelmsen Technical Solutions. The new company comprises the business within HVAC, insulation, electrical and automation including the brands Callenberg, TI Marine Contracting and newly acquired IES Ltd.
“We have decided to call off further negotiation with FSN Capital as the process revealed different views on how to strategically develop the new entity,” said Dag Schjerven, president and CEO of Wilhelmsen Maritime Services.
“We will however continue to establish a new company comprising of our engineered solutions and services to the maritime and offshore markets.
We will also continue to explore other ownership opportunities for the business within HVAC, insulation, electrical and automation including the brands Callenberg, TI Marine Contracting and newly acquired IES Ltd.”
The company had an annual revenue of $203m in 2013. When established, the company will employ some 1 000 people in 15 countries.
“We will continue working in line with our customer focused strategy and establish a solid platform for further growth.
Our aim and aspirations are to make a difference with our solutions and we are committed to shape the competitive landscape in the business where we operate,” said Petter Traaholt, who will head up the new company to be headquartered in Gothenburg, Sweden.
Press Release, June 24, 2014