APRIL 27, 2016 — Lysaker, Norway, headquartered Wilh. Wilhelmsen Holding ASA has signed an agreement to acquire the technical solutions business from Drew Marine, a manufacturer and provider of advanced performance chemicals and technical solutions to the maritime industry.
The purchase price is around $400 million and the business, people and competence in Drew Marine Technical Solutions will be transferred to Wilhelmsen Ships Service, with some 400 Drew Marine employees joining Wilhelmsen Ships Service
“This acquisition offers a unique opportunity to enhance the scale and geographic reach of our marine products division,” says Thomas Wilhelmsen, group CEO. “This acquisition is among the largest investments in our history.”
In addition to realizing operational benefits, the acquisition is expected to result in a $150 million increase in annual total income for Wilhelmsen Ships Service. The transaction will be financed by using existing credit facilities, available cash and new facilities.
“Our aim is to enhance the business and simplify the operations for our customers and partners with the leading people, services, and solutions of the maritime industry,” says Mr. Wilhelmsen. “The acquisition strengthens our position as a comprehensive supplier serving the global merchant fleet. Stronger technical competence in combination with higher volumes and efficiency, offers our collective customers and partners attractive benefits in the time to come.”