Norway’s Wilhelmsen has signed an agreement to acquire the technical solutions business from Drew Marine, a manufacturer and provider of advanced performance chemicals and technical solutions to the maritime industry.
The purchase price of the deal is around $400m, which is among the largest investments in Wilhelmsen’s history. The acquired business will be brought into Wilhelmsen Ships Service.
As part of the transaction, the business, people and competence in Drew Marine Technical Solutions will be transferred to Wilhelmsen. Approximately 400 Drew Marine employees will join Wilhelmsen Ships Service upon completion of the transaction.
In addition to realising operational benefits, the acquisition is expected to result in a $150m increase in annual total income for Wilhelmsen Ships Service.
“This acquisition offers a unique opportunity to enhance the scale and geographic reach of our marine products division,” said Thomas Wilhelmsen, group CEO of Wilhelmsen.
“The acquisition strengthens our position as a comprehensive supplier serving the global merchant fleet. Stronger technical competence in combination with higher volumes and efficiency, offers our collective customers and partners attractive benefits in the time to come,” Wilhelmsen added.