2021 March 31 17:26

Wärtsilä to divest its Euroatlas business to Mimir

The technology group Wärtsilä  announces the divestment of 100% of the shares in Wärtsilä Euroatlas GmbH, to Mimir, a global investment firm based in Sweden, according to the company's release.

Wärtsilä Euroatlas is providing its global customer base tailormade solutions for high performance power conversion in naval, aviation and mobile land-based applications requiring highest reliability and power density and leading-edge energy efficiency under harsh environmental conditions. Products and services include original design, retrofits, upgrades, maintenance, spare parts and education.

The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015 and has 79 employees, based in Bremen, Germany.

Subject to approvals, closing of the transaction is expected in the third quarter of 2021.

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 2020, Wärtsilä's net sales totalled EUR 4.6 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki

Mimir in brief

Mimir is a global investment firm acquiring non-core business units of large corporations and private companies that need operationally oriented ownership. The Mimir group has operations in 20 countries across the world and 1,000 employees.