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February 3, 2006

Egyptian ferry sinks in Red Sea

Wartsila has acquired Aker Kvaerner Power and Automation Systems AS (AKPAS) from Aker Kvaerner.

AKPAS supplies power and automation systems for the oil and gas, marine and industrial markets. The company operates mainly in the North Sea region with major oil and gas companies and Norwegian shipyards.

AKPAS has annual net sales of EUR 28 million and 135 employees in Stord, Norway. The acquisition price is approximately EUR 12 million.

"The acquisition supports our growth strategy and it will enhance Wartsila's product portfolio and system integration capabilities in electric propulsion, power distribution and automation, especially in the oil and gas and offshore sectors," says Mikael MŠkinen, Executive Vice President and Head of Ship Power at Wartsila. "It also strengthens our capabilities for further development of electric systems and automation."

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