WÃ¤rtsilÃ¤ Corporation announces recommended cash offer for Hamworthy plc
WÃ¤rtsilÃ¤ Corporation, Company Announcement, 22 November 2011, at 9:00 am (EET)
WÃ¤rtsilÃ¤ Corporation ("WÃ¤rtsilÃ¤") is pleased to announce that it has reached
agreement with the Board of Hamworthy plc ("Hamworthy"), a UK listed engineering
company focussed on the marine and oil and gas sectors, in regards to a
recommended cash offer for the acquisition of Hamworthy.
Under the terms of the acquisition Hamworthy shareholders will receive 825 pence
in cash for each Hamworthy share valuing Hamworthy's entire issued and to be
issued share capital at approximately GBP 383 million. This represents an EV /
LTM EBITDA multiple of 14.3x as per 30 September 2011. The acquisition is
conditional on the approval by the shareholders of Hamworthy. The acquisition is
expected to be closed during the first quarter in 2012. The acquisition is
subject to relevant regulatory approvals in Germany and Norway.
WÃ¤rtsilÃ¤ will hold a press conference today at 11:00 EET (9:00 UK time) in
Helsinki, Finland. The press conference can be participated via webcast and
teleconference. Please find details at the end of the release.
Combining Hamworthy and WÃ¤rtsilÃ¤ will allow both organisations to broaden and
enhance their capabilities in rapidly evolving offshore, marine gas applications
as well as environmental solutions markets. Both Hamworthy and WÃ¤rtsilÃ¤ will
benefit from technology sharing and optimised R&D to enhance position for the
global marine and offshore markets.
WÃ¤rtsilÃ¤ has a global footprint with operations in 70 countries across the world
and significant financial scale, which will allow it to expand the geographic
and customer reach of Hamworthy's products. WÃ¤rtsilÃ¤'s extensive services
network will support Hamworthy in its after sales activities.
BjÃ¶rn Rosengren, CEO, WÃ¤rtsilÃ¤ Corporation, commenting on the acquisition,
"We believe strongly in marine gas markets and the opportunities in the rapidly
evolving environmental markets. Combining our resources with Hamworthy, we will
be able to offer customers a broader portfolio of economically efficient,
reliable and environmentally sustainable products and systems. We recognise the
success achieved to date by Hamworthy and we are confident that our global
presence, scale and resources will enable Hamworthy to accelerate its growth and
exploit its full potential, particularly in the early stage environmentally
sustainable technologies. We look forward to working with the management and
employees of Hamworthy to combine our expertise and experience for the benefit
of our customers around the globe as well as for the benefit of our
Gordon Page, Non-Executive Chairman, Hamworthy plc, commenting on the
"The Board believes this is an attractive offer for Hamworthy shareholders,
reflecting the strengths of Hamworthy's global positions and its growth
prospects. Hamworthy is an innovative, global engineering company, providing
high technology products, systems and services to the marine and oil and gas
sectors. The combination with WÃ¤rtsilÃ¤ represents a strategic transaction, and
WÃ¤rtsilÃ¤ has committed to providing continued stability and opportunity for our
employees within the WÃ¤rtsilÃ¤ Group and the continued development of Hamworthy's
extensive product and service offering for Hamworthy's customers.
I would like to thank all the Hamworthy Directors and employees for their
contribution to the success of the company, which I am confident will continue
under WÃ¤rtsilÃ¤'s ownership."
This announcement is made in addition to the official transaction announcement
under UK law.
The Rule 2.7 announcement can be found on the Investor pages onwww.wartsila.com.
Information about Hamworthy
Hamworthy is a global provider of specialist equipment and services to the
marine, oil & gas and industrial sectors. Hamworthy employs around 1,150 people
worldwide. Headquartered in Poole (UK), Hamworthy has design, manufacture and
sale of equipment facilities in the UK, Norway, Denmark, Germany, Singapore, and
a modern assembly plant in China.
In its most recent financial year, ended 31 March 2011, Hamworthy achieved
revenue of GBP 181.6 million (2010: GBP 214.3 million) and underlying operating
profit of GBP 13.8 million (2010: GBP 19.7 million). More information can be
found at www.hamworthy.com.
ANALYST AND PRESS CONFERENCE
An analyst and press conference will be held on 22 November 2011, at 11 a.m.
Finnish time (9 a.m. UK time), at the Hilton Helsinki Strand, Ballroom, address
John Stenbergin ranta 4, Helsinki, Finland. The combined web- and teleconference
will be held in English and can be viewed on the internet at the following
To participate in the teleconference please register at the following address:
You will receive dial-in details by e-mail once you have registered. If you want
to ask questions during the teleconference, press the *-button followed by the
1-button on your phone to register for a question and the # -button to withdraw
a question. The event name is: WÃ¤rtsilÃ¤ Press Conference. Please be ready to
state your details and the name of the conference to the operator. If problems
occur, please press the *-button followed by the 0-button.
An on-demand version of the webcast will be available on the company website
later the same day.
For further information, please contact:
Group Vice President, Ship Power
Tel: +358Â 10Â 709 5599
Group Vice President, Communications & Branding
Tel: +358 10Â 709 5599
For investor information, please contact:
Director, Investor Relations
Tel: +358 10Â 709 5445
WÃ¤rtsilÃ¤ in brief
WÃ¤rtsilÃ¤ is a global leader in complete lifecycle power solutions for the marine
and energy markets. By emphasising technological innovation and total
efficiency, WÃ¤rtsilÃ¤ maximises the environmental and economic performance of the
vessels and power plants of its customers. In 2010, WÃ¤rtsilÃ¤'s net sales
totalled EURÂ 4.6 billion with more than 17,500 employees. The company has
operations in 160 locations in 70 countries around the world. WÃ¤rtsilÃ¤ is listed
on the NASDAQ OMX Helsinki, Finland. www.wartsila.com
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Source: WÃ¤rtsilÃ¤ Oyj Abp via Thomson Reuters ONE