Wartsila Nabs New Ship Design Company In Singapore

has agreed to acquire a leading naval architecture and ship design company
Conan Wu & Associates Pte Ltd (CWA), headquartered in Singapore. The
deal also includes partnership agreements regarding CWA’s business in Malaysia, China
and Hong Kong.

     The price
of the deal is EUR 23 million, to be paid in cash, and an additional amount to
be paid based on the performance of the business in years 2008-2010.  

     In 2007,
the turnover generated by CWA’s businesses was EUR 10.7 millions and the
profitability was on a very good level. CWA has 66 employees in Singapore.

deal is a clear demonstration of Wartsila’s commitment to becoming the leading
provider of ship design services in the areas, which we specialize in,
including offshore and special vessels as well as selected merchant vessels. CWA
has a strong market position and the company’s outstanding know-how is a welcome
addition to Wartsila’s offering. By incorporating CWA into our existing ship
design business, we expect to further strengthen the competitiveness of CWA’s
offering to its customers, and thus CWA’s business prospects,” said Jaakko
Eskola, Group Vice President, Wartsila Ship Power.

acquisition of CWA is a further major step in Wartsila’s strategy of
strengthening its position as a total solutions provider, and of being the most
valued partner for its customers. Expansion within ship design is an important
move for Wartsila, as it brings the company closer to its maritime industry
customers. Wartsila intends to offer the best and most efficient total
solutions, regardless of equipment used.

     The total
marine solutions provided by Wärtsilä are uniquely competitive in their ability
to integrate and optimize the various operating processes of the entire vessel.
This new and innovative way of combining ship design know-how with equipment
solutions and services will lead to significant customer benefits, e.g. in
terms of improved efficiency and reduced emissions.

acquisition of CWA expands the geographical scope of Wartsila’s ship design
services. It also excellently complements and broadens Wartsila’s ship design
competence to cover a larger range of vessel types, including smaller, less
complicated and more standardized vessels,” said Arne Birkeland, Vice
President, Wartsila Ship Design.

a part of Wartsila will allow CWA to realize its huge potential, both in Asia as well as in other markets. This deal is a great
opportunity to further develop our know-how and our business on a global
scale,” said Dato Conan Wu, Chairman, CWA Pte Ltd.

     CWA will be
integrated into Wartsila Ship Design within the Company’s Ship Power business. All
personnel in Singapore
— including the former owners Dato Conan Wu and Mok Kim Terng as well as the
rest of the management of CWA — will continue in Wartsila’s service.


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