Wilhelmsen Maritime Services (WMS), a fully owned subsidiary of Wilh. Wilhelmsen Holding, has signed an agreement with the UK based Survitec Group to merge their the maritime safety businesses.
Under the agreement, WMS will transfer all of its safety business to Survitec Group, which includes Wilhelmsen Technical Solutions and the safety competence, products and accompanying services in Wilhelmsen Ships Service. Some 700 Wilhelmsen employees will also join the 2300 Survitec employees.
“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,” commented Dag Schjerven, president and ceo of WMS.
“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,” added Brian Stringer, ceo at Survitec.
The merger is expected to be completed 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 $110m.
