AA Richmond discussing sale of the John Crane-Lips marine business to Wartsila

AA Richmond and Wartsila Corporation announce that they are in exclusive discussions regarding a possible sale by AA Richmond of the John Crane-Lips marine business, to Wartsila.

Wartsila and John Crane-Lips entered into a strategic alliance in October 2000 to provide total marine propulsion power systems through the Wartsila network. The acquisition of John Crane Lips would enhance Wartsilas position as the leading global ship power supplier. The acquisition would generate additional sales of more than EUR 200 million for the Marine & Licensing division of Wartsila.

A definitive sale agreement would be subject to the approval of relevant authorities. Further announcements will be made as and when appropriate.

John Crane-Lips is a supplier of integrated marine propulsion systems and marine seals and bearings. It employs 1,300 people in Holland, the UK, Norway, Japan and the USA. The company is profitable.

ENDS

Wartsila
Wartsila is the leading global ship power supplier and a major provider of decentralised power generation systems and of supporting services.

Mikael Mkinen
Group Vice President, Marine Division
Wartsila Corporation
Tel: +358-10-7095 0000