Wärtsilä Acquires John Crane-Lips

Wednesday, January 30, 2002
John Crane-Lips will become part of Wärtsilä following the signing of the sale and purchase agreement between Wärtsilä and John Crane-Lips´ UK-based parent Smiths Group. The transaction enhances Wärtsilä's position as a global ship power supplier and provider of integrated propulsion systems. The acquisition price is approximately $304 million. John Crane-Lips reported net sales of $217 million and operating profit of $26.4 million in the financial year ending July 31, 2001, with their net assets totaling $73 million. The acquisition of John Crane-Lips, which will operate within Wärtsilä under the name Wärtsilä Propulsion, marks an important step towards our strategic goal to lead the ship power market. The acquisition will be earnings neutral and cash flow positive in the first year, stated Wärtsilä's President and CEO Ole Johansson. Wärtsilä will gain the brand name Lips, the best known of the John Crane-Lips portfolio, as well as the valuable Deep Sea Seals brand. Smiths Group will retain the name John Crane. Completion of the purchase is subject to regulatory approvals, which are expected for the early part of this year.
Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Wärtsilä to Power LNG-fueled RoPax Ferry

A ferry being built for Sweden’s Rederi AB Gotland will be fueled by LNG, featuring a Wärtsilä integrated solution which includes a complete LNG powered propulsion- and fuel storage and supply system,

First Container for LNG Hybrid Barge

The HUMMEL (bumblebee) LNG Hybrid Barge will enable Becker Marine Systems to supply low-emission power to cruise ships lying at port in Hamburg. The first container

IntelliJet: Cleantech Propulsion for High Speed Applicatios

IntelliJet Marine, Inc. will present a paper on propulsion and computer simulation for sustainable high speed boats and ships at ASNE Day 2015.   Jeff Jordan

Shipbuilding

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

SSI Launches ShipConstructor 2015 R2.1

SSI has today released ShipConstructor 2015 R2.1 software.   The software release comes in response to emerging ship design, engineering and building trends as

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1442 sec (7 req/sec)