Wrtsil Offers GBP 383 Million for British Engineering Company, Hamworthy

On Tuesday, Wärtsilä Corporation announced that it had reached an agreement with the Board og Hamworthy plc, offering shareholder 825 pence in cash for each Hamworthy share – a total of 383 million pounds (USD $ 598,667,300).

Hamworthy is a UK based company focusing on the marine and oil and gas secotors. Wärtsilä says that combining the two companies will allow both organizations to “broaden and enhance their capabilities in rapidly evolving offshore, marine gas applications as well as environmental solutions markets.”

Wärtsilä currently has operations in 70 countries around the world and provides extensive services and a network of support to the industry.

Björn Rosengren, CEO, Wärtsilä Corporation, commenting on the acquisition, said:
“We believe strongly in marine gas markets and the opportunities in the rapidly evolving environmental markets. Combining our resources with Hamworthy, we will be able to offer customers a broader portfolio of economically efficient, reliable and environmentally sustainable products and systems. We recognise the success achieved to date by Hamworthy and we are confident that our global presence, scale and resources will enable Hamworthy to accelerate its growth and exploit its full potential, particularly in the early stage environmentally sustainable technologies. We look forward to working with the management and employees of Hamworthy to combine our expertise and experience for the benefit of our customers around the globe as well as for the benefit of our shareholders.”

Gordon Page, Non-Executive Chairman, Hamworthy plc, commenting on the Acquisition said:

“The Board believes this is an attractive offer for Hamworthy shareholders, reflecting the strengths of Hamworthy’s global positions and its growth prospects. Hamworthy is an innovative, global engineering company, providing high technology products, systems and services to the marine and oil and gas sectors. The combination with Wärtsilä represents a strategic transaction, and Wärtsilä has committed to providing continued stability and opportunity for our employees within the Wärtsilä Group and the continued development of Hamworthy’s extensive product and service offering for Hamworthy’s customers.

I would like to thank all the Hamworthy Directors and employees for their contribution to the success of the company, which I am confident will continue under Wärtsilä's ownership."