Wärtsilä has announced the divestment of Wärtsilä Tank Control Systems business to Svanehøj, a Danish gas pump specialist involved in the design and manufacture of specialised deep well pump solutions.
Wärtsilä Tank Control Systems design, manufacture, sell and service high-end measurement systems for gas tanks on LNG ships, offshore storage, and land-based LNG terminals. Tank Control Systems is also a leading supplier of safety products and associated systems and solutions for LPG land-based storage and underground cavern storage.
“With the divestment, Tank Control Systems will have access to Svanehøj’s resources and service network, complementing the current installed base and future direction of our safety and gauging solutions,“ said Chris Mais, General Manager of Tank Control Systems.
The business became part of Wärtsilä as a result of the acquisition of Total Automation in 2006 and has approximately 50 employees based in the UK, France and Singapore with a revenue of €7.5 million in 2020.
Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business said: "We are pleased to have come to an agreement to sell Wärtsilä Tank Control Systems to Svanehøj with whom we believe the business to have a strong future.”
“The acquisition of Wärtsilä Tank Control Systems is an expression of our desire to make Svanehøj a globally leading specialist in producing and servicing equipment for handling all types of liquefied gas – natural gas, biogas and not least the Power-to-X-based fuel of the future,” said CEO of Svanehøj, Søren K. Nielsen.
Closing of the transaction is subject to fulfilment of closing conditions, expected in 4Q21.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/17092021/wrtsil-to-divest-tank-control-systems-business/