Wärtsilä acquires German ship design companyNews // December 7, 2006
Wärtsilä Corporation has signed an agreement to acquire the German ship design company group SCHIFFKO.
SCHIFFKO is privately-owned and today has annual net sales totalling approximately Euros 4 million and some 25 employees.
SCHIFFKO specializes in the planning and design of ships especially in the container, research and offshore vessel segments.
It also provides consultancy including project management and all kinds of supervisory work for shipowners and shipyards utilizing SCHIFFKO's extended global maritime network of partners and experts.
The company has a strong reputation and market position in these segments. SCHIFFKO is located in Hamburg, Germany, but operates globally.
According to Mr Jaakko Eskola, Group Vice President, Ship Power, Wärtsilä Corporation, the acquisition supports Wärtsilä's strategic focus to grow as a system integrator and provider of total solutions to the shipping and shipbuilding market.
The new business will add ship design expertise to Wärtsilä's wide product and service offering, and supports the development of Wärtsilä's low-speed engine business in Asia and especially in the Chinese market.
Commenting on the transaction, Mr Berend Pruin, Chairman of SCHIFFKO and chief representative of its shareholders, stated: "We think our customers will benefit markedly from the broader offering and resources the Wärtsilä network brings. For SCHIFFKO's design business, its customers and our employees, the acquisition will offer enhanced opportunities as part of Wärtsilä's total service offering and global network."
SCHIFFKO has 50 years experience in planning and design in the marine field. It has been involved in far more than 2,500 ship design projects in 60 countries over the world. The SCHIFFKO group of companies includes SCHIFFKO GmbH Forschung und Entwicklung maritimer Systeme and SCHIFFKO GmbH Multifunktionales Ingenieurbüro als Maritimes Innovationszentrum (SCHIFFKO).
The deal is due to close in the fourth quarter of 2006.