Wärtsilä Announces the Divestment of the Shares
Wärtsilä announces the divestment of the shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital.
FREMONT, CA: The technology group Wärtsilä announces the divestment of 100 percent of the shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital L.P., in New York, US. Wärtsilä Valves supplies the entire range of three long-established firms, including Shipham, John Mills, and Robert Cort. Its functions include engineering, testing, assembly, sales, and delivery of nickel aluminum bronze (NAB) and duplex valves for marine, oil & gas, and energy markets. Additionally, Wärtsilä Valves delivers Valves’ products applications, including FPSO, power generation, petrochemical facilities, LNG, marine services, naval marine, wastewater treatment pipelines, and plants. Wärtsilä Valves became part of the Wärtsilä group as part of the Hamworthy acquisition in 2012.
The company is situated in Brough, UK, and presently has approximately 65 employees. The annual revenues were near EUR 15 million in 2019. Wärtsilä is working hard to create a stronger and simpler core while making sure the non-core businesses get an opportunity under new ownership to boost their business success and better serve their customers. Valves serve different markets. It is expected that Valves will find a good home with Evergreen Capital.
Portfolio Business consists of different business units run independently to accelerate performance improvement and unleash value through divestments or other strategic alternatives. The business units included in Portfolio Business comprise Entertainment Systems, Special Products covering power converter products and UPS systems, Water & Waste, Tank Control Systems, as well as the hydropower solution and turbine service business American Hydro.
Wärtsilä is a leader in smart technologies and complete lifecycle solutions for the marine and energy industries. By stressing sustainable innovation, total efficiency, and data analytics, the company maximizes the environmental and economic performance of its customers' power plants and vessels. In 2019, Wärtsilä’s net sales were about EUR 5.2 billion, with nearly 19,000 employees. The company has activities in over 200 locations in more than 80 countries around the globe. Wärtsilä is listed on Nasdaq Helsinki.