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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Wartsila scoops Vik-Sandvik for $207m



By Upstream staff 

Finnish Wartsila Corporation has acquired ship design group Vik-Sandvik for €132 million ($207 million) in a bid to strengthen the company’s position as propulsion and automation services provider to a total solutions provider.

An additional maximum sum of €38 million will also be paid based on the performance of the business over the next three years.

Vik-Sandvik specialises in the design of high-end offshore vessels, as well as product and chemical tankers and more specialised vessels.

The company has its headquarters in Fitjar, in Western Norway, and has operations in Norway, Poland, India, Brazil, Serbia, Bulgaria, Turkey, Russia and China.

In 2007, Vik-Sandvik's turnover was €55 million.

Vik-Sandvik has up to now been wholly owned by the Sandvik family.

The acquisition is still subject to relevant regulatory approvals, which are expected during the third quarter.


Thursday, 03 July, 2008, 08:15 GMT  | last updated: Friday, 04 July, 2008, 03:59 GMT

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