Wärtsilä Acquires Cedervall

(Press Release)

Jul , 13 2011

Wärtsilä has acquired Cedervall, a leading manufacturers of shaft seal and bearing systems for the marine industry. Cedervall is headquartered in Gothenburg, Sweden, and the company has subsidiaries in Spain, China and Singapore, with manufacturing facilities in Sweden, China and Spain.

This acquisition is envisioned to strengthen Wärtsilä's leading position in the global marine services market, in line with its strategy. The combination of Wärtsilä's and Cedervall's businesses will create the market leader for oil and water lubricated seals and bearings, as well as for sterntubes.

"Cedervall's oil and water lubricated seals and bearings, and sterntubes optimally complete the range of products and services in Wärtsilä's seals and bearings portfolio. Furthermore, Cedervall's excellent know-how and expertise will further enhance our competitiveness. Now having all products in the propulsion line in-house, this acquisition strengthens our total propulsion solutions", says Christoph Vitzthum, Group Vice President, Wärtsilä Services.

Cedervall will be integrated into Wärtsilä Corporation. All employees will continue as Wärtsilä employees after the acquisition, including the current owners Anders Lundgren and Henric Lundgren. The value of the transaction is not published.

The acquisition is subject to relevant regulatory approvals, which are expected during the third quarter of 2011.

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