Wärtsilä aims to become a leader in ship design and acquires 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 company has its headquarters in Fitjar, in Western Norway.
The acquired company has 410 employees and its turnover last year was EUR 55 millions. The value of the acquisition, according the Wärtsilä’s pressrelease, is EUR 132 million, with an additional maximum sum of EUR 38 millions to be paid based on the performance of the business over the next three years.
Vik-Sandvik will be integrated into Wärtsilä Ship Design within Ship Power. All personnel – including the management – will continue as Wärtsilä employees.
Vik-Sandvik has up to now been wholly owned by the Sandvik family. The acquisition is subject to relevant regulatory approvals, which are expected during the third quarter of 2008.
The acquired company has 410 employees and its turnover last year was EUR 55 millions. The value of the acquisition, according the Wärtsilä’s pressrelease, is EUR 132 million, with an additional maximum sum of EUR 38 millions to be paid based on the performance of the business over the next three years.
Vik-Sandvik will be integrated into Wärtsilä Ship Design within Ship Power. All personnel – including the management – will continue as Wärtsilä employees.
Vik-Sandvik has up to now been wholly owned by the Sandvik family. The acquisition is subject to relevant regulatory approvals, which are expected during the third quarter of 2008.