Wärtsilä to divest Tank Control Systems business to Svanehøj
Wärtsilä Corporation, Press release, 17 September 2021 at 11:30 AM EEST
The technology group Wärtsilä announces the divestment of Wärtsilä Tank Control Systems business to Svanehøj, a Danish gas pump specialist involved in the design and manufacture of specialised deep well pump solutions.
Wärtsilä Tank Control Systems design, manufacture, sell and service high-end measurement systems for gas tanks on LNG ships, offshore storage, and land-based LNG terminals. Tank Control Systems is also a leading supplier of safety products and associated systems and solutions for LPG land-based storage and underground cavern storage.
“With the divestment, Tank Control Systems will have access to Svanehøj’s resources and service network, complementing the current installed base and future direction of our safety and gauging solutions,“ says Chris Mais, General Manager of Tank Control Systems.
The business became part of Wärtsilä as a result of the acquisition of Total Automation in 2006 and has approximately 50 employees based in the UK, France and Singapore with a revenue of EUR 7.5 million in 2020.
Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business says: "We are pleased to have come to an agreement to sell Wärtsilä Tank Control Systems to Svanehøj with whom we believe the business to have a strong future.”
“The acquisition of Wärtsilä Tank Control Systems is an expression of our desire to make Svanehøj a globally leading specialist in producing and servicing equipment for handling all types of liquefied gas – natural gas, biogas and not least the Power-to-X-based fuel of the future,” says CEO of Svanehøj, Søren K. Nielsen.
Closing of the transaction is subject to fulfilment of closing conditions, expected in the fourth quarter of 2021.
Media contacts for more information on this release:
Mr Atte Palomäki
Executive Vice President, Communications, Branding & Marketing
Wärtsilä Corporation
Tel: +358 10 709 5599
atte.palomaki@wartsila.com
Mr Søren Kringelholt Nielsen
Group CEO at Svanehøj Group
Tel +4596372279
Mob +45 28797679
skn@svanehoj.com
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 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
www.wartsila.com
Svanehøj in brief
Svanehøj designs and manufactures specialised deep well pump solutions for vital applications within the areas of gas pumps, fuel pumps, products and chemicals and offshore products. Svanehøj is also a leading service provider of inspections, service, and calibration of cargo equipment on gas, product, and chemical carriers. Svanehøj is part of Svanehøj Group which employs 330 people in Denmark, Singapore, Japan, China, and the UK. The Group manufactures the brands Svanehøj (Denmark), Hamworthy Pumps (Singapore), Eureka and Dolphin (UK).
www.svanehoj.com