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Wartsila Acquires International Combustion Engineering

Posted on: Friday, 25 April 2008, 09:01 CDT

Finnish power engineering company Wartsila has acquired Denmark-based International Combustion Engineering, which specializes in project engineering and the service and repair of steam boilers and ancillary burner systems.

The acquisition of International Combustion Engineering (ICE) is expected to expand Wartsila's service offering into the new category of boiler services. This new service category will reportedly further improve Wartsila's competitiveness as an integrated services provider.

Wartsila noted that ICE has a trading division that supplies spare parts for boiler and burner systems. ICE reportedly has the potential for strong global growth in industrial and land based power plant applications.

The company's annual net sales amounted to DKK46.8 million in 2007. ICE's businesses will be integrated into Wartsila Services's business in Denmark and all personnel will reportedly continue as Wartsila employees.

Tage Blomberg, group vice president for Wartsila Services, said: "ICE's excellent know-how of boiler services is a very welcome addition to Wartsila's service offering. The acquisition will further expand Wartsila's competitiveness and position as a global service provider."

Source: Datamonitor

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