Wärtsilä completes acquisition of L-3 Marine Systems International

ID: 1362305
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(Thomson Reuters ONE) -


Wärtsilä Corporation, Company Announcement, 29 May 2015 at 3.15 pm EET

Wärtsilä completes acquisition of L-3 Marine Systems International

Wärtsilä Corporation announces that its acquisition of the Germany based L-3
Marine Systems International (MSI) has been finalised and control of the company
will be transferred to Wärtsilä with effect from 1(st) June 2015.

In December 2014, Wärtsilä announced that agreement had been reached to acquire
MSI from NYSE-listed L-3 Communications Holdings Inc. using financing from
existing cash resources and credit facilities. The transaction is valued at MEUR
285 (enterprise value). After estimated adjustments of cash, working capital,
and pension liabilities, the purchase price is estimated to be MEUR 295. The
final purchase price will be determined based on closing accounts. The
acquisition received Korean merger control clearance in March and EU clearance
in April.

Electrical and Automation (E&A) systems are of increasing importance since the
operation of ships is becoming ever more sophisticated. Wärtsilä''s 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. The company''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.

MSI 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. The MSI organisation, which currently comprises more than 1700
employees working from 38 locations in 14 countries, will be integrated with


Wärtsiläs existing E&A business. The acquisition will notably enhance Wärtsilä''s
E&A offering and market position. In 2014 MSI reported net sales of MEUR 404 and
an operating profit of 7%. Wärtsilä foresees that 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.
The acquisition is expected to be EPS accretive as of 2015. Further information
on the financial impact will be provided once closing accounts have been
finalised.



Media contacts:

Jaakko Eskola
Senior Executive Vice President & President, Ship Power
Wärtsilä Corporation
Tel. +86 21 5858 5500
jaakko.eskola(at)wartsila.com

Atte Palomäki
Executive Vice President, Communications & Branding
Wärtsilä Corporation
Tel. +358 10 709 5599
atte.palomaki(at)wartsila.com

For investor information, please contact:

Natalia Valtasaari
Director, Investor Relations
Wärtsilä Corporation
Tel: +358 40 187 7809
natalia.valtasaari(at)wartsila.com


Wärtsilä in brief:
Wärtsilä is a global leader in complete lifecycle power solutions for the marine
and energy markets. By emphasising technological innovation and total
efficiency, Wärtsilä maximizes the environmental and economic performance of the
vessels and power plants of its customers.
In 2014, Wärtsilä''s net sales totalled EUR 4.8 billion with approximately
17,700 employees. The company has operations in more than 200 locations in
nearly 70 countries around the world. Wärtsilä is listed on the NASDAQ OMX
Helsinki, Finland.
www.wartsila.com




This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Wärtsilä Oyj Abp via GlobeNewswire
[HUG#1924995]






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Date: 05/29/2015 - 08:16
Language: English
News-ID 1362305
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Firma: Wärtsilä Oyj Abp
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