Wärtsilä completes acquisition of MSI

03 Jun 2015
MSI’s portfolio comprises several well-known product brands, including SAM Electronics

MSI’s portfolio comprises several well-known product brands, including SAM Electronics

Wärtsilä Corporation has completed the acquisition of Germany based L-3 Marine Systems International (MSI) for a purchase price of around €295m.

The company announced that the agreement had been reached to acquire MSI from NYSE-listed L-3 Communications Holdings Inc. using financing from existing cash resources and credit facilities back in December 2014. But the acquisition received Korean merger control clearance in March and EU clearance in April.

Wärtsilä said that the acquisition will notably enhance the company’s electrical and automation offering and market position. The new unit will be able to capture new market opportunities and improve operational efficiency for its customers, thereby increasing both the sales and profitability of the business.

It added that its strong position in the development of technologies that enhance operational efficiency will be further strengthened with the addition of MSI's broad range of capabilities.

In 2014 MSI reported net sales of €404m and an operating profit of 7%. The organisation, which currently comprises more than 1700 employees working from 38 locations in 14 countries, will now be integrated with Wärtsilä’s existing E&A business.

MSI’s portfolio comprises several well-known product brands, including SAM Electronics, Valmarine, Lyngsø Marine, Dynamic Positioning & Control Systems, Jovyatlas Euroatlas, ELAC Nautik, FUNA, GA International and APSS.

The group has extensive experience in supplying automation, navigation and electrical systems, dynamic positioning technology, as well as sonar and underwater communications technology for a variety of vessel types and offshore installations.

By Anne-Marie Causer

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