Tank specialist Svanehoj buys Wartsila unit
Danish tank specialist Svanehoj has bought Finnish Wartsila's tank containment systems (TCS) unit, it said September 17, not naming the sum. It said the deal, its second in eight months, brought "unique skills in the production, sale, and service of high-end measurement systems for gas tanks on LNG ships and land-based LNG facilities."
Gas is a crucial part of the sustainable energy system of the future, and Svanehoj must be a significant player in the value chain that ensures the supply of gas at a global level, it said. "Gas is one of the biggest driving forces in the green transition. The acquisition of Wartsila TCS is an expression of our desire to make Svanehoj a globally leading specialist."
Already a a provider of cargo system service for LPG vessels, it now intends to achieve a similar position within the larger LNG ship segment. "With this acquisition, Svanehoj will now be the preferred service provider for about 500 LNG vessels with tank measurement systems from Wartsila TCS. Once on board, it will be attractive for many customers to consolidate their service jobs and make use of our competencies within servicing pumps, compressors, valves, and instrumentation," it said.
As part of the acquisition, Svanehoj will also set up a land-based business. This has not been a focus area, but it says there is "no doubt that the need for gas systems and solutions will increase both on land and at sea in the coming years."
Last November, Svanehoj took over the service specialist FORCE Technology Marine Equipment Service. The expanded company now employs about 230 with activities in Denmark, UK, France, Singapore, China, and Japan.