Wärtsilä sells German naval business

Finnish technology group Wärtsilä revealed the divestment of 100% of the shares in Wärtsilä Euroatlas GmbH, to Mimir, a Sweden-based investment firm.

Wärtsilä Euroatlas is providing solutions for high performance power conversion in naval, aviation and mobile land-based applications requiring highest reliability and power density and leading-edge energy efficiency under harsh environmental conditions. Products and services include original design, retrofits, upgrades, maintenance, spare parts and education.

The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015 and has 79 employees, based in Bremen, Germany.  

 ”We are very pleased to have come to an agreement to sell Wärtsilä’s Euroatlas business to Mimir. As the business has limited synergistic links with Wärtsilä, we believe that under new ownership the company gets an opportunity to further drive their business success independently,” Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business, commented.

“We look forward to being an independent company and working with Mimir to further develop the Euroatlas business,” Sven Soetebier, Managing Director, Euroatlas GmbH. said.

Subject to approvals, closing of the transaction is expected in the third quarter of 2021.