Wärtsilä wins approval for Hamworthy acquisition
Hamworthy shareholders have voted in favour of its acquisition by global propulsion solutions provider, Wärtsilä. The two companies' joint expertise is likely to bring further environmentally focused products to the superyacht market.…
Shareholders at UK AIM-listed marine, oil and gas systems provider, Hamworthy plc, have voted in favour of its acquisition by Wärtsilä Corporation.
The completion of the acquisition is expected to take place by 31 January, subject to various standard court proceedings.
The resulting pool of talents from two heavyweight companies, with Wärtsilä a leading supplier of machinery and systems propulsion and Hamworthy a key provider in environmental solutions, is likely to entail a strong offering in new services and products for the superyacht market. The acquisition is a strategic move on the part of Wärtsilä to meet the increasing demand for new environmental solutions.
Mr. Aaron Bresnahan, Vice President of special vessels segment at the company said:
“Wärtsilä is aiming beyond power generation and propulsion to focus more on environmental solutions. To be a sustainable company we have to change our business approach so we support environmental regulations such as [those of the] IMO.”
Hamworthy’s environmental solutions, including mature sewage treatment, ballast water treatment, and oil and water separation equipment is currently equipped for oil and gas carriers and cruise ships. However, the special vessels segment arm of Wärtsilä encompasses cruise ships and large yachts side by side, and Bresnahan sees a definite ‘synergy’ between them with any future environmental technology likely to be developed for both vessels.
Bresnahan continued:
“Hamworthy is already a market leader in post treatment, and emissions coming from engines. By combining this expertise with Wartsila’s propulsion capabilities we can create a company that can make headway in the superyacht as well as cruise markets by…bringing new technologies more quickly.”
Wärtsilä's current W20 engine for superyachts
LNG technology will be a further and considerably strong component of the anticipated new company. LNG is a major strength of both Hamworthy and Wärtsilä - the combination of the companies' strengths in this discipline will see them equipped to provide this service for the superyacht market.
Not merely pie in the sky, Bresnahan, explained there is definite interest in LNG, with brokers making enquiries and concrete steps taken by Wärtsilä to market duel fuel technologies for yachts utilising LNG.
"We’ve been dealing with designers (in Italy and UK) looking at marketing duel fuel technologies for yachts – "fuel flexibility", the ability to burn liquid fuel or LNG if you were in environmentally controlled areas. We have several opportunities with brokers in the UK. I see the probability of building a dual fuel superyacht becoming more real.”
Quite literally, on the surface – something not to be overlooked when considering UNHNWs spending habits - there are more aesthetic motivations for the change.
“As well as the environmental benefits, LNG is a cleaner burn. It doesn’t leave soot or marks on the yacht itself like traditional marine fuels, so it’s nicer for the owner.”
On Hamworthy's side, it will be bringing a solid, successful company to the table with notably strong interim results. The latest figures showed a 31.4 per cent increase of revenue to £109.2 million (H1 2010: £83.1 million). Environmental solutions are shared by the company as the key to its financial success. Chairman, Gordon Page CBE, commented:
“Hamworthy continues to invest in developing its solutions for emerging environmental opportunities and is encouraged by both technical and commercial progress in this area.”
Related Links
Wärtsilä Profile | Wärtsilä Website
Hamworthy Website
The completion of the acquisition is expected to take place by 31 January, subject to various standard court proceedings.
The resulting pool of talents from two heavyweight companies, with Wärtsilä a leading supplier of machinery and systems propulsion and Hamworthy a key provider in environmental solutions, is likely to entail a strong offering in new services and products for the superyacht market. The acquisition is a strategic move on the part of Wärtsilä to meet the increasing demand for new environmental solutions.
Mr. Aaron Bresnahan, Vice President of special vessels segment at the company said:
“Wärtsilä is aiming beyond power generation and propulsion to focus more on environmental solutions. To be a sustainable company we have to change our business approach so we support environmental regulations such as [those of the] IMO.”
Hamworthy’s environmental solutions, including mature sewage treatment, ballast water treatment, and oil and water separation equipment is currently equipped for oil and gas carriers and cruise ships. However, the special vessels segment arm of Wärtsilä encompasses cruise ships and large yachts side by side, and Bresnahan sees a definite ‘synergy’ between them with any future environmental technology likely to be developed for both vessels.
Bresnahan continued:
“Hamworthy is already a market leader in post treatment, and emissions coming from engines. By combining this expertise with Wartsila’s propulsion capabilities we can create a company that can make headway in the superyacht as well as cruise markets by…bringing new technologies more quickly.”
Wärtsilä's current W20 engine for superyachts
LNG technology will be a further and considerably strong component of the anticipated new company. LNG is a major strength of both Hamworthy and Wärtsilä - the combination of the companies' strengths in this discipline will see them equipped to provide this service for the superyacht market.
Not merely pie in the sky, Bresnahan, explained there is definite interest in LNG, with brokers making enquiries and concrete steps taken by Wärtsilä to market duel fuel technologies for yachts utilising LNG.
"We’ve been dealing with designers (in Italy and UK) looking at marketing duel fuel technologies for yachts – "fuel flexibility", the ability to burn liquid fuel or LNG if you were in environmentally controlled areas. We have several opportunities with brokers in the UK. I see the probability of building a dual fuel superyacht becoming more real.”
Quite literally, on the surface – something not to be overlooked when considering UNHNWs spending habits - there are more aesthetic motivations for the change.
“As well as the environmental benefits, LNG is a cleaner burn. It doesn’t leave soot or marks on the yacht itself like traditional marine fuels, so it’s nicer for the owner.”
On Hamworthy's side, it will be bringing a solid, successful company to the table with notably strong interim results. The latest figures showed a 31.4 per cent increase of revenue to £109.2 million (H1 2010: £83.1 million). Environmental solutions are shared by the company as the key to its financial success. Chairman, Gordon Page CBE, commented:
“Hamworthy continues to invest in developing its solutions for emerging environmental opportunities and is encouraged by both technical and commercial progress in this area.”
Related Links
Wärtsilä Profile | Wärtsilä Website
Hamworthy Website
NEW: Sign up for SuperyachtNewsweek!
Get the latest weekly news, in-depth reports, intelligence, and strategic insights, delivered directly from The Superyacht Group's editors and market analysts.
Stay at the forefront of the superyacht industry with SuperyachtNewsweek
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
NEW: Sign up for
SuperyachtNewsweek!
Get the latest weekly news, in-depth reports, intelligence, and strategic insights, delivered directly from The Superyacht Group's editors and market analysts.
Stay at the forefront of the superyacht industry with SuperyachtNewsweek
