Wartsila Corporation acquires Vik-Sandvik

Nordic Business Report, July 3, 2008

NORDIC BUSINESS REPORT-3 July 2008-Wartsila Corporation acquires Vik-Sandvik(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Finnish power plants and ship power solutions supplier Wartsila Corporation (OMX Helsinki:WRTAV) said on Thursday (3 July) that it has acquired the global ship design group Vik-Sandvik, an independent group providing design and engineering services to ship owners and the ship building industry worldwide.

The value of the acquisition is EUR132m, with an additional maximum sum of EUR38m to be paid based on the performance of the business over the next three years.

In 2007, Vik-Sandvik's turnover was EUR55m and it has 410 employees.

Wartsila said that the acquisition is a major step in its strategy to strengthen its position as a total solutions provider and to be the most valued partner for its customers. Wartsila's goal is to become the leading provider of ship design services in various segments, the company said.

Vik-Sandvik will be integrated into Wartsila Ship Design within Ship Power.

Vik-Sandvik has its headquarters in Fitjar, in Western Norway, and it has operations in Norway, Poland, India, Brazil, Serbia, Bulgaria, Turkey, Russia and China. Vik-Sandvik has up to now been wholly owned by the Sandvik family.

Wartsila Corporation supplies power solutions for the marine and energy markets. The company has over 16,000 employees in 70 countries.

One British pound (GBP) is worth approximately 1.27 euros (EUR).

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