Wärtsilä to Divest Its Valves Business
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. “Valves largely serves different markets than Wärtsilä and as such we are sure that as an independent set-up, Valves will find a good home with Evergreen Capital.”
Brough, U.K.-based Wärtsilä Valves Ltd. became part of the Wärtsilä group as a result of the Hamworthy acquisition in 2012 and supplies the entire range of three brands: Shipham, John Mills and Robert Cort. Its activities include engineering, assembly, testing, sales and delivery of nickel aluminum bronze (NAB) and duplex valves for marine, oil and gas and energy markets. Additionally, Wärtsilä Valves offers applications for Valves’ products, including e.g. FPSO, petrochemical facilities, power generation, LNG, naval marine, marine services, waste water treatment plants and pipelines. Wärtsilä Valves .
The company currently has approximately 65 employees, and annual revenues were approximately €15 million ($17.6 million) in 2019.
Lee Amram, Partner, Evergreen Capital, L.P., said, “Upon closing, we renamed the business Shipham Valves Ltd. We are excited to provide the resources and support to strengthen Shipham Valves’ capabilities to better serve its existing and prospective customers and global markets.”
Rob Moulds, General Manager, from Wärtsilä Valves Ltd. said, “Shipham is one of the longest established and most highly respected valve manufacturers in the world. We look forward to being an independent company and working with Evergreen to further strengthen the Shipham brand.”