Robert Cort News

Finland-based technology group Wärtsilä said it has divested 100% of its shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital L.P., based in New York. The transaction was closed Thursday.“Wärtsilä is focusing on creating a stronger and simpler core whilst making sure the non-core businesses get an opportunity under a new ownership to be able to drive their business success and better serve their customers,” said Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio business.

Hamworthy, a designer and manufacturer of innovative marine and offshore fluid handling systems, announces that it has acquired 100 per cent of the issued share capital of AW Flow Holdings Limited ("AW Flow") and its subsidiary undertakings, a UK based specialist valve manufacturer for the oil and gas sector. The consideration is £24 million on a debt free/cash free basis, funded entirely from Hamworthy's own cash reserves. £21.6 million was paid on completion with a further £2.4 million of deferred consideration payable over the next two years. In the year to 31 October 2010 AW Flow had revenue of £20.2 million and pre-tax profit of £4.6 million in respect of its continuing businesses.