Wärtsilä to Divest its JOVYATLAS Business
Finland-based Wärtsilä said it will divest 100% of the shares in Wärtsilä JOVYATLAS GmbH to Jacob Waitz Industrie GmbH, a German based industry holding.
Wärtsilä JOVYATLAS has been manufacturing uninterruptible power supply (UPS) systems, rectifiers, power inverters, frequency transformers and resistors with related services for many industries for seven decades. The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015.
Wärtsilä JOVYATLAS is located in Jemgum in Germany, and currently has some 125 employees. In 2019 annual revenues were €20 million ($23.4 million).
Completion of the transaction is expected October 1, 2020.