The technology group Wärtsilä has announced that its acquisition of Transas, a global company headquartered in the UK, has now been finalised. Control of the company will be transferred to Wärtsilä effective from 4 May 2018. The acquisition, which was announced in March 2018, has a transaction value of €210 million (enterprise value).
Transas provides marine navigation solutions that include complete bridge systems, digital products and electronic charts. It delivers professional training and simulation services, as well as ship traffic control systems. In acquiring Transas, Wärtsilä hopes to take a big step in achieving its mission of enabling sustainable societies with smart technology. It will also speed delivery on the company’s promise to disrupt the industry by establishing a Smart Marine ecosystem. Wärtsilä envisions a secure, smart, and cloud-based future through the development of applications that leverage machine learning and artificial intelligence.
Transas currently has net annual sales in the region of €140 million and employs approximately 1000 people working from 22 regional offices worldwide. They will become integrated within Wärtsilä’s Marine Solutions business. It is expected that the company’s large base of software engineers will play a key role in assisting Wärtsilä in the development of smart products and a digital platform.
“Combining Transas with Wärtsilä will bring the Smart Marine Ecosystem many steps forward. It is a very positive move for both parties, and we welcome the Transas team into our organisation,” said Roger Holm, President, Wärtsilä Marine Solutions.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07052018/wrtsil-concludes-acquisition-of-transas/
You might also like
OMV has announced the signing of a long-term sale and purchase agreement with Cheniere Energy, Inc., covering the supply of up to 850 000 tpy of LNG beginning in late 2029.