Wärtsilä has acquired the global ship design group Vik-Sandvik, a leading independent group providing design and engineering services to ship owners and the ship building industry worldwide.
The value of the acquisition is Eur 132 million (US$207.36 million), with an additional maximum sum of Eur 38 million (US$59.69 million) to be paid based on the performance of the business over the next three years. In 2007, Vik-Sandvik's turnover was Eur 55 million (US$86.4 million) and the profitability is on a very good level. The role of ship design is becoming more and more important due to higher performance requirements, more sophisticated systems, and increased integration onboard most vessels. Also, the environmental and emission regulations regarding NOx and carbon dioxide are becoming increasingly stringent. Vik-Sandvik will be integrated into Wärtsilä Ship Design within Ship Power. All personnel - including the management - will continue as Wärtsilä employees. The acquisition is subject to relevant regulatory approvals, which are expected during the third quarter of 2008. Vik-Sandvik specializes in the design of high-end offshore vessels, as well as product and chemical tankers and more specialized vessels. The company 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.
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