Wärtsilä Buys Engine Reconditioning Business

Wärtsilä announced it has furthered its capabilities with the acquisition of the engine reconditioning business from Metalock (Singapore) Ltd. for about $5.4 million. The acquisition will consist of the marine engine repair and recondition business and the workshop, a business that generates a cumulative sales volume of about $8.8 million. "This acquisition will further strengthen Wärtsilä as a total service provider. We have an opportunity to increase our market share especially in the low speed engines", says Tage Blomberg, Group Vice President and Head of the Service division. The focus of the acquired business is on marine engine reconditioning, with the special know how in low speed engines. The workshop is located in Singapore. "We will now have a possibility to provide also recondition service for our customers in South East Asia region, the service which we earlier didn´t have in-house", says Jukka Murtoaro, Managing Director of Wärtsilä Singapore. The acquired business will be named Ciserv and it will concentrate on recondition business. Wärtsilä Singapore provides other services for the marine and power plant customers. The closing of the deal will take place in the first part of the current year 2002. The transaction is subject to the approval of the shareholders of Metalock and various regulatory authorities.