Wärtsilä Sheds ELAC Nautik Business
Wärtsilä has announced the divestment of shares in Wärtsilä ELAC Nautik GmbH (ELAC Nautik) to Cohort plc, a UK listed company.
ELAC Nautik became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. Its main market focus is on hydroacoustic products, including sonars, underwater communication systems and echo systems for small and medium sized military submarines. The company is located in Kiel, Germany and currently employs approximately 120 people. It generates annual revenues of approximately $23 million.
Subject to approvals, completion of the transaction is expected in the early part of 2020.