The FINANCIAL — NIB and Wärtsilä Corporation have agreed on a seven-year loan totalling EUR 100 million to finance the acquisition of the Germany-based electronic maritime platform supplier L-3 Marine Systems International (L-3 MSI).
The acquisition of L-3 MSI, a turnkey supplier of complete electrical systems for all types of ships, was completed in May 2015. Electrical and automation systems are of increasing importance since the operation of ships is becoming ever more sophisticated. The acquisition will notably enhance Wärtsilä’s product offering and market position in the field of navigation, electrical power systems and dynamic positioning, according to NIB.
Due to attained knowledge and expansion of businesses, the acquisition is likely to enrich the shipping industry expertise available in the NIB membership region. The purchase integrates more than 1,700 employees into Wärtsilä. By the end of June 2015, the company had 19,400 employees.
Wärtsilä is a global leader in complete lifecycle marine & energy solutions and services to customers globally. It has operations in more than 200 locations in nearly 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki, Finland.