The FINANCIAL -- NIB and the Wärtsilä Corporation have signed a seven-year loan agreement of EUR 40 million for the acquisition of American Hydro and the Finnish software company Eniram Oy.
Wärtsilä completed the acquisition of American Hydro, a leading supplier of large equipment upgrades for the hydroelectric and water distribution industries, in June 2016, according to NIB.
American Hydro specialises in high-performance turbines and pumps, and the acquisition strengthens Wärtsilä’s presence in hydro and industrial services. The company is headquartered in York, Pennsylvania, and operates a service centre in Montreal, Canada.
Eniram Oy, a Finnish software engineering company and provider of digital energy management solutions for reducing fuel consumption and emissions of ships at both vessel and fleet levels, will allow Wärtsilä to increase its digital product portfolio and analytical infrastructure.
“The acquisitions contribute to Wärtsilä’s growth strategy and the optimisation of its product offering. In addition, the expansion of services is likely to have positive spill-over effects on the marine industry cluster in NIB’s member countries”, says Thomas Wrangdahl, Head of Lending at NIB.
"This loan is a continuation of the long-standing and strong co-operation between the Nordic Investment Bank and Wärtsilä. The NIB loans provide Wärtsilä with solid long-term funding and are an important part of our loan portfolio and, as such, highly appreciated by us", says Marco Wirén, CFO & Executive Vice President, Wärtsilä Corporation.
Technology group Wärtsilä is a global leader in complete lifecycle marine and energy solutions. The company has operations in more than 200 locations in nearly 70 countries around the world. Wärtsilä is listed on the Nasdaq Helsinki, Finland.