Wilhelmsen joins forces with Survitec
As part of the agreement, WMS will transfer all of its safety business to Survitec Group Ltd, which includes Wilhelmsen Technical Solutions AS and the safety competence, products and accompanying services in Wilhelmsen Ships Service AS. Some 700 Wilhelmsen employees will join the 2 300 Survitec employees creating the most comprehensive provider of safety systems, products and services in the maritime industry. With regards to yearly sales revenue this merger is expected to result in a 200 MUSD decrease for Wilhelmsen Maritime Services, while the new Survitec group will increase their respective sales revenue to a total of 600 MUSD.
"Upon completion of the merger, WMS will hold a 20% stake in Survitec, which will ensure Wilhelmsen's continued and significant involvement in a key market that is driven by regulatory requirements", says Dag Schjerven, president and CEO of WMS.
Survitec has been a supplier of rafts to WMS' life raft rental and exchange programme for many years. By combining their complementary solutions and services, the two major industry players aim at creating a total safety partner for the industry and additional commercial success through realisation of synergies and delivery of products and services on a greater global scale.
"We have been working steadily with selected, strategic acquisitions and new product developments to become world leading within critical safety and survival. Teaming up with WMS and the Unitor brand brings us within close reach of our ambition and takes us to a new level," says Brian Stringer, CEO at Survitec.
A contract completion is expected in the fourth quarter of 2016. In addition to receiving a 20% shareholding in the Survitec Group, WMS will receive a cash consideration of approximately USD 110 million with a positive profit and loss effect of some USD 60 million once the contract is completed. As part of the merger, Dag Schjerven, CEO and President of Wilhelmsen Maritime Services, will take the position as board member in Survitec.
For further questions:
Terje Borkenhagen, head of safety in Wilhelmsen Ships Service and Wilhelmsen Technical Solutions
Contact: +47 950 85 523 /
Dag Schjerven, president and CEO of Wilhelmsen Maritime Services
Contact: +47 908 37 955 /
Christian Berg, group CFO, Wilh. Wilhelmsen Holding
Contact: +47 917 46 910 /
Marius Steen, corp. comms, Wilh. Wilhelmsen Holding
+47 959 65 379 /