Rolls-Royce to Acquire Electric Holding
Rolls-Royce has announced its intention to acquire Scandinavian Electric Holding (SEH), a supplier of system packages for diesel-electric marine propulsion systems, continuing its growth strategy in the marine market. The acquisition, from Borea Opportunity II AS, requires approval from the Norwegian competition authorities, which is expected to be completed within a few weeks.
Rolls-Royce will purchase 100 per cent of the equity of SEH for cash consideration of $84m. The company will form part of the Rolls-Royce marine business.
The acquisition is consistent with the company's strategy of adding new capabilities and expanding into integrated power systems. SEH currently employs 150 people, in , , and , and recorded sales of £40 million in 2007 and has a current order book of £100 million. SEH has a strong track record in offshore supply and service vessels, and will extend system design capability for Rolls-Royce UT Design offshore support and service vessels.