Posted on January 2, 2023
The technology group Wärtsilä announces the divestment of American Hydro to Enprotech Corp, a wholly owned subsidiary of publicly traded ITOCHU Corporation (ITC).
American Hydro offers custom hydropower refurbishment solutions and turbine services focusing mainly on North American markets. The company was founded in 1986 and became part of Wärtsilä in 2016. The annual revenues of the company were approximately USD 50 million in 2021.
Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business said: ”We are pleased to have come to an agreement to sell American Hydro to Enprotech Corp and believe the companies to have a strong strategic and cultural fit.”
Chris Pascarella, President and CEO, Enprotech Corp stated: “The entire organization is extremely excited to add American Hydro to our collective portfolio of businesses focused on the maintenance, repair, rebuild and modernization of heavy industrial equipment. American Hydro expands our industry segmentation into the renewable energy sector, a key growth category for Enprotech Corp. Additionally, American Hydro has remarkable technical capabilities that will strengthen our entire organization.”
Subject to approvals, completion of the transaction is expected in first half of 2023.
Media contacts for more information on this release:
Mr Atte Palomäki
Executive Vice President, Communications, Branding & Marketing
Tel: +358 10 709 5599
Director of Marketing and Communications
Tel. +1 440-862-6768
Director of M&A and Strategic Partnerships
Tel: +1 216-535-7835
Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve their environmental and economic performance. Our dedicated and passionate team of 17,000 professionals in more than 200 locations in 68 countries shape the decarbonisation transformation of our industries across the globe. In 2021, Wärtsilä’s net sales totalled EUR 4.8 billion. Wärtsilä is listed on Nasdaq Helsinki. www.wartsila.com
Enprotech Corp in brief
Enprotech Corp provides maintenance, repair, rebuild, and modernization solutions to optimize North American manufacturers utilizing heavy industrial machinery and equipment. Headquartered in Cleveland, OH, Enprotech Corp is a subsidiary of ITOCHU Corporation (ITC). Some of the key industry segments served include automotive, appliance, general manufacturing, oil & gas, renewable energy, steel and aluminium manufacturing and many more. With seven facilities in North America, Enprotech delivers a one-stop solution to keep our partners manufacturing production in motion.