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Tue 31 Jan 2012, 11:01 GMT

Wärtsilä takes control of Hamworthy


Acquisition of Hamworthy becomes effective from today.

Wärtsilä has announced that the Scheme of Arrangement with regards to the acquisition of Hamworthy has become effective and control of Hamworthy has been transferred to Wärtsilä as of today, 31 January 2012.

The associated reduction of capital was confirmed at a court hearing on 30 January 2012 in London, United Kingdom and the trading of Hamworthy shares has ceased today.

In November 2011, Wärtsilä announced that it had reached agreement with the board of Hamworthy in regards to a recommended cash offer for the acquisition of Hamworthy, a global provider of specialist equipment and services to the marine, oil & gas and industrial sectors.

"The acquisition of Hamworthy will enhance Wärtsilä's capabilities in the offshore, marine gas applications, and environmental solutions markets and it will provide important synergies. Hamworthy will be integrated as a business unit within Wärtsilä's Ship Power business," Wärtsilä said today in a statement.

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