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WÄRTSILÄ SELLS OFF ELECTRICAL SUBSIDIARY

Wednesday, September 23, 2020 

Wärtsilä has announced the intention to divest its 100% shareholding in Wärtsilä Jovyatlas to Jacob Waitz Industrie, a German industry holding company.

Wärtsilä Jovyatlas has manufactured UPS systems, rectifiers, power inverters, frequency transformers and resistors with related services for many industries for several decades. It became part of Wärtsilä as a result of the acquisition of L-3 Communications in 2015. The company is located in Jemgum in Germany, and currently has some 125 employees. The annual revenues were €20 million in 2019.

Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio business said: “The main driver for Wärtsilä is to focus on creating a stronger and simpler core whilst making sure the non-core businesses get an opportunity under a new ownership to be able to drive their business success and better serve their customers. We are sure that Jovyatlas finds a good home with Jacob Waitz Industrie which has long heritage in the German industry.”

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