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September 4, 2008

Wärtsilä acquires Navelec SAS

Wärtsilä is continuing its acquisition spree. Its latest prize is Navelec SAS, a French company specializing in marine navigation and communication systems, electrical marine services, and control and automation services.

Navelec's main office is located in Le Havre, in France, with branch offices in St. Nazaire and Brest.

It has key customers involved with a broad range of vessel types, including ferries, cargo ships, tugs and cruise ships. Navelec also has promising growth opportunities within the yacht segment.

"Through this acquisition, Wärtsilä is able to broaden its service offering and technological knowledge in the areas of navigation and communication," says Tage Blomberg, Group Vice President, Wärtsilä Services. "It also strengthens Wärtsilä's position as the leading service provider within electrical marine and automation services. Furthermore, the acquisition gives us a strong foothold in one of France's largest ports, Le Havre, and the nearby region. Together, Wärtsilä and Navelec can look forward to attractive growth opportunities as a total service provider for the marine segment ."

Navelec's annual net sales were 7 million euros in 2007. The company employs 45 people, of which 26 are field service personnel. Navelec's businesses will be integrated into Wärtsilä Services' business in France. All employees will continue as Wärtsilä employees. Wärtsilä acquired Navelec from Société financière pour l'industrie et l'agriculture (Sofia). The value of the deal was not disclosed.

In addition to Navelec, Wärtsilä has this year acquired Maritime Service and Vik-Sandvik of Norway, International Combustion Engineering of Denmark, and Claus D. Christophel Mess- und Regeltechnik GmbH of Germany.


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