Wärtsilä Acquires Total Automation Ltd.
Friday, February 10, 2006
Wärtsilä Corporation acquired the entire business of Total Automation Ltd., a Singapore-based public marine automation company, and all Total Automation's shares in its subsidiaries at a price of approximately $72.6 million. Total Automation had sales of $45.8 million in 2004 and has consistently generated EBIT margins in excess of 15%. The company employs over 400 people and has facilities in Singapore, Dubai, France, the U.K. and China. In addition to general marine automation, Total Automation has a strong foothold within the offshore and LNG sectors. The company focuses on refit projects and service work. The customers are multinational companies, shipyards and ship owners. The transaction is expected to close within the 1st half of 2006.