The technology group Wärtsilä has announces the divestment of 100% of the shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital L.P., based in New York, US.
Wärtsilä Valves Ltd supplies the entire range of three long-established brands: Shipham, John Mills and Robert Cort. Its activities include engineering, assembly, testing, sales and delivery of nickel aluminium bronze (NAB) and duplex valves for marine, oil and gas, and energy markets. Additionally, Wärtsilä Valves offers applications for Valves’ products, including e.g. FPSO, petrochemical facilities, power generation, LNG, naval marine, marine services, waste water treatment plants and pipelines. Wärtsilä Valves became part of the Wärtsilä group as a result of the Hamworthy acquisition in 2012.
The company is located in Brough, UK and currently has approximately 65 employees. The annual revenues were approximately €15 million in 2019.
Tamara de Gruyter, President, Wärtsilä Marine?Systems?and Head of Portfolio business said: “Wärtsilä is focusing on creating a stronger and simpler core whilst making sure the non-core businesses get an opportunity under a new ownership to be able to drive their business success and better serve their customers. Valves largely serves different markets than Wärtsilä and as such we are sure that as an independent set-up, Valves will find a good home with Evergreen Capital.”
Lee Amram, Partner, Evergreen Capital, L.P. said: “We are pleased to add Wärtsilä Valves and its staff to the Evergreen family of businesses. Upon closing, we renamed the business Shipham Valves Ltd. We are excited to provide the resources and support to strengthen Shipham Valves’ capabilities to better serve its existing and prospective customers and global markets.”
Rob Moulds, General Manager, from Wärtsilä Valves Ltd. said: “Shipham is one of the longest established and most highly respected valve manufacturers in the world, we look forward to being an independent company and working with Evergreen to further strengthen the Shipham brand.”
The transaction was closed on 1 October.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01102020/wrtsil-to-divest-its-valves-business/