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Wartsila Corporation to acquire Marine Propeller (Pty) Ltd in South Africa.

NORDIC BUSINESS REPORT-11 January 2007-Wartsila Corporation to acquire Marine Propeller (Pty) Ltd in South Africa(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

The Finnish power plants and ship power solutions supplier Wartsila Corporation said on Thursday (11 January) that it has signed an agreement to acquire the entire business of the South African company Marine Propeller (Pty) Ltd in Cape Town, South Africa.

Marine Propeller (Pty) Ltd is privately-owned and focuses mainly on repairing propellers. A minor part of the business is casting small propellers.

Wartsila said that the acquisition will expand its operations in South Africa to include propeller repair. Along with an increase in the marine and power plants businesses, the company is looking for further expansion and a broadened services offering in southern Africa.

The acquired business will be moved to Wartsila's new premises in Cape Town by mid-2007.

No financial terms were disclosed.

Wartsila Corporation supplies power solutions for the marine and energy markets. The company has over 13,000 employees in 70 countries, and reported a turnover of EUR2.64bn in 2005. Wartsila's shares are traded on the Nordic Exchange in Helsinki.

One British pound (GBP) is worth approximately 1.49 euros (EUR).

((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))

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Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:6SOUT
Date:Jan 11, 2007
Words:212
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