Wärtsilä takes ownership of John Crane-Lips

Wärtsilä and the UK-based Smiths Group have on April 15, 2002 completed the agreement transferring John Crane-Lips, a leading global supplier of marine propulsion systems, to Wärtsilä. The agreement was signed at the end of January, 2002. In the regulatory approval process no obstacles for the acquisition have arisen. The acquisition price is GBP 215 million (EUR 350 million). The acquisition of John Crane-Lips marks an important step towards Wärtsilä´s strategic goal to lead the ship power market. The company will be part of Wärtsilä's Marine Division under the name Wärtsilä Propulsion. Mr. Christoph Vitzthum, MSc(Econ), currently Vice President, Finance & Control of Wärtsilä Marine Division, has been appointed President of Wärtsilä Propulsion.