Wärtsilä to divest its Entertainment business
Wärtsilä Corporation, Press release, 22 January at 9.50 AM EET
The technology group Wärtsilä announces the divestment of 100% of the shares in its Entertainment business, Wärtsilä Funa GmbH, to Videlio SA, a French public limited company.
Wärtsilä Entertainment is engaged in the field of design, fabrication, engineering and integration of entertainment systems, illumination, light control, cabin control, broadcast and digital audio distribution and announcement systems for cruise vessels and entertainment parks. These systems are used in the Marine and land-based markets.
The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015 and has 172 employees in five countries, with the majority being based in Emden, Germany. The annual revenues were approximately EUR 50 million in 2020.
Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business said: ”We are very pleased to have come to an agreement to sell Wärtsilä’s Entertainment business to Videlio which is a well known player in the market and are confident that the combined offering and capabilities will serve the customers even better.”
Robert Léon, Chairman of the Videlio Board, stated: “The Wärtsilä Entertainment portfolio is synergic and complementary to our own offering. We now have the possibility to scale the business serving new and existing customers with a broader portfolio of competences and know how. The acquisition is fully in line with our strategic plan and will accelerate our international development, particularly in Germany”
Media contacts for more information on this release:
Mr Atte Palomäki
Executive Vice President, Communications, Branding & Marketing
Tel: +358 10 709 5599
Ms Ambre Legroux
Marketing & Communication Manager
Investor relations contact:
Ms Natalia Valtasaari
Vice President, Investor Relations
Tel. +358 10 709 5637
Wärtsilä Portfolio Business in brief
Portfolio Business consists of multiple business units, which are run independently with the aim of accelerating performance improvement and unlocking 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, Tank Control Systems, Water & Waste, as well as the hydropower solution and turbine service business American Hydro.
Wärtsilä in brief
Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2019, Wärtsilä’s net sales totalled EUR 5.2 billion with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.