Ship Design Group Bought by Wartsilla
4, July 2008
Wartsila has acquired the global ship design group Vik-Sandvik. Vik-Sandvik specializes in the design of high-end offshore vessels, as well as product and chemical tankers and more specialized vessels for EUR 132 millions.
An additional maximum sum of EUR 38 millions is to be paid based on the performance of the business over the next three years. According to Wartsila, the move will allow it to offer competitive solutions that will lead to better efficiency, improved environmental performance, and reduced life cycle costs for its customers.
Mr Jaakko Eskola, Group Vice President, Wartsila Ship Power said, "From a strategic point of view, the acquisition of Vik-Sandvik is a very important step for Wartsila as it brings us closer to our customers, both ship owners and ship yards. We can now enter into dialogue with them at an earlier stage, when the key specifications of a vessel are decided, and this will result in us being able to offer more competitive solutions."
Mr Svein Sandvik, Managing Director, Vik-Sandvik quoted that for Vik-Sandvik, this deal represents an opportunity to develop our business, in a way that meets the requirements of the market. They could have continued alone, but being a part of Wartsila, a leading equipment and after sales services provider with global presence, clearly has benefits. They believe this combination will create a unique and new kind of market leader.
