Wärtsilä in Talks to Acquire John Crane-Lips

Wednesday, November 21, 2001
In a move aimed at extending its claim as a single source ship's propulsion supplier, Wärtsilä Corporation and Smiths Group are in exclusive discussions regarding a possible sale by Smiths Group of John Crane-Lips to Wärtsilä. Wärtsilä and John Crane-Lips entered into a strategic alliance in October 2000 to provide total marine propulsion power systems through the Wärtsilä network. The acquisition of John Crane Lips is seen as a valued enhancement to Wärtsilä's position as a leading global ship power supplier. The acquisition would generate additional sales of more than EUR 200 million for the Marine & Licensing division of Wärtsilä. John Crane-Lips is a supplier of integrated marine propulsion systems and marine seals and bearings. It employs about 1,300 people in Holland, the UK, Norway, Japan and the USA. Wärtsilä is a leading global ship power supplier and a major provider of decentralized power generation systems and of supporting services. Smiths Group is a global business with market leading positions in aerospace systems, sealing solutions, medical devices and interconnect products.

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