Wärtsilä to divest its Euroatlas business to Mimir
Wärtsilä Corporation, Press release, 30 March 2021 at 10:00 AM EET
The technology group Wärtsilä announces the divestment of 100% of the shares in Wärtsilä Euroatlas GmbH, to Mimir, a global investment firm based in Sweden.
Wärtsilä Euroatlas is providing its global customer base tailormade solutions for high performance power conversion in naval, aviation and mobile land-based applications requiring highest reliability and power density and leading-edge energy efficiency under harsh environmental conditions. Products and services include original design, retrofits, upgrades, maintenance, spare parts and education.
The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015 and has 79 employees, based in Bremen, Germany.
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 Euroatlas business to Mimir. As the business has limited synergistic links with Wärtsilä, we believe that under new ownership the company gets an opportunity to further drive their business success independently.”.
Jeff Bork, Managing Partner Operations of Mimir, said: “The Wärtsilä Euroatlas business offers compelling growth potential. We will focus on scaling Euroatlas serving existing and new customers with our strong portfolio of competences and knowhow".
Sven Soetebier, Managing Director, Euroatlas GmbH. said: “Mimir is specialised in acquiring non-core business units of larger corporations. Their long-term focus on operational value creation provides a solid framework to actively support sustainable and profitable growth. Mimir will provide strategic, financial and operational support, enabling us to pursue growth and expansion. We look forward to being an independent company and working with Mimir to further develop the Euroatlas business”
Subject to approvals, closing of the transaction is expected in the third quarter of 2021.
Media contacts for more information on this release:
Mr Atte Palomäki
Executive Vice President, Communications, Branding & Marketing
Tel. +358 10 709 5599
Mr Joakim Notö
Group Chairman & Managing Partner
Tel. +46 739 86 36 37
Wärtsilä Portfolio Business in brief
Wärtsilä 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 (divestment announced in January 2021), Special Products covering power converter products, 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 2020, Wärtsilä's net sales totalled EUR 4.6 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki
Mimir in brief
Mimir is a global investment firm acquiring non-core business units of large corporations and private companies that need operationally oriented ownership. The Mimir group has operations in 20 countries across the world and 1,000 employees.