Wärtsilä to divest its ELAC Nautik business
The technology group Wärtsilä announces the divestment of shares in Wärtsilä ELAC Nautik GmbH (ELAC Nautik) to Cohort plc, a UK listed company, specialising in defence, security and related market sectors, the company said in its release.
ELAC Nautik became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. Its main market focus is on hydroacoustic products, including sonars, underwater communication systems and echo systems for small and medium sized military submarines. The company is located in Kiel, Germany and currently employs approximately 120 people. It generates annual revenues of approximately EUR 21 million.
While the ELAC Nautik business has no clear synergistic link to Wärtsilä's Smart Marine activities in transforming the marine sector, it fits very well into Cohort's product mix. The acquisition is in line with Cohort's stated strategy to accelerate its growth through targeted acquisitions. By adding ELAC Nautik's products to its portfolio, Cohort will have an exceptionally wide and capable offering in a high-growth market sector.
Wärtsilä in brief:
Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2018, Wärtsilä's net sales totalled EUR 5.2 billion with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.