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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Multraship Buys Three More Tugboats from Damen

Multraship and Damen Shipyards Group agreed on three new ASD (Azimuth Stern Drive) Tugs, all for delivery to Multraship in 2015. After delivery in Vietnam, scheduled

Waterjet-propelled Crewboat Delivered to Petrobras

BS Camburi, a 36-meter Monohull Crewboat built in Brazil by Arpoador Engenharia to the Petrobras type P2 specification has been launched and delivered.   Designed by Incat Crowther,

PIRIOU Delivers 53-meter FSIV

French boat builder PIRIOU has delivered the 11th of its 53- by 10-meter Fast Supply and Intervention Vessels (FSIV) to Suisse Outremer AG, to be operated by ABC Maritime AG.

Shipbuilding

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

NMEA Updates Installation Standards

2014 edition of NMEA 0400, Version 4.00 features extensive updates and new information   The National Marine Electronics Association (NMEA) has published Edition 2014, Version 4.

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.2442 sec (4 req/sec)