The technology group Wärtsilä announces the divestment of 100% of the shares in Wärtsilä JOVYATLAS GmbH to Jacob Waitz Industrie GmbH, a German based industry holding.
Wärtsilä JOVYATLAS has been manufacturing UPS systems, rectifiers, power inverters, frequency transformers and resistors with related services for many industries already for seven decades. The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. The company is located in Jemgum in Germany, and currently has some 125 employees. The annual revenues were EUR 20 million in 2019.
Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio business said:'The main driver for Wärtsilä is to focus on creating a stronger and simpler core whilst making sure the non-core businesses get an opportunity under a new ownership to be able to drive their business success and better serve their customers. We are sure that JOVYATLAS finds a good home with Jacob Waitz Industrie GmbH which has long heritage in the German industry.'
Dr. Friedrich von Waitz and Harald von Waitz both stated: 'We are looking forward to developing JOVYATLAS, alongside with our portfolio company POLYMA Energiesysteme GmbH, to become a market leading provider of UPS, transformers and resistors. Together with the JOVYATLAS employees, we are ready to leverage the full potential of the firm.'
Completion of the transaction is expected 1st of October.
Media contact for more information on this release:
Mr Atte Palomäki
Wärtsilä Portfolio Business in brief
Executive Vice President, Communications, Branding & Marketing
Tel: +358 10 709 5599
Portfolio Business consists of multiple business units, which are run independently with the aim of accelerating performance improvement and unlocking value through divestments or other strategic alternatives. The business units included in Portfolio Business comprise Entertainment Systems, Special Products covering power converter products and UPS systems, Tank Control Systems, Water & Waste, as well as the hydropower solution and turbine service business American Hydro.Wärtsilä in brief
Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2019, Wärtsilä's net sales totalled EUR 5.2 billion with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.
Wärtsilä Oyj published this content on 23 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2020 07:04:01 UTC