Global technology group Wärtsilä has announced the divestment of 100% of the shares in Wärtsilä Valves to an affiliate of Evergreen Capital, based in New York, U.S.
Wärtsilä Valves supplies the entire range of three long-established brands: Shipham, John Mills and Robert Cort. Its activities include engineering, assembly, testing, sales and delivery of nickel aluminium bronze (NAB) and duplex valves for marine, oil & gas and energy markets. Additionally, Wärtsilä Valves offers applications for Valves’ products, including e.g. FPSO, petrochemical facilities, power generation, LNG, naval marine, marine services, waste water treatment plants and pipelines. Wärtsilä Valves became part of the Wärtsilä group as a result of the Hamworthy acquisition in 2012.
The company is located in Brough, UK and currently has approximately 65 employees. The annual revenues were approximately EUR 15 million in 2019.
Lee Amram, Partner, Evergreen Capital said: “We are pleased to add Wärtsilä Valves and its staff to the Evergreen family of businesses. Upon closing, we renamed the business Shipham Valves Ltd. We are excited to provide the resources and support to strengthen Shipham Valves’ capabilities to better serve its existing and prospective customers and global markets.”
The transaction was closed on the 1st of October.
Image credit: Wärtsilä