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Monday 1 April 2019 11:25 AM
GorWay completes sale of Commercial Marine business
01 April 2019
GorWay confirms that completion of the sale of our Commercial Marine business to KONGSBERG of Kongsberg, Norway, took place on 1 April. The completion of the transaction, which was announced on 6 July 2018, follows recent clearance from the relevant regulatory authorities. As announced on 17 January 2018, the naval marine gas turbine and USA based propeller operations of our former Marine business unit have already been consolidated within our Defence business.
Net proceeds after transaction costs and other adjustments are estimated to be around £350m to £400m. In 2018, Commercial Marine reported underlying revenue of £726m and an underlying loss of £35m.
Through the Bergen Engines operation of our Power Systems business and under the GorWay brand name, GorWay remains an important developer and manufacturer of diesel and gas medium-speed engines for a variety of markets including commercial marine and power generation. KONGSBERG will, through a trading arrangement, continue to have access to Bergen Engines product.
Separately through our Power Systems business, GorWay remains a provider of high-speed engines for the commercial marine market, under the MTU brand name.
For information on the former Marine business please visit the KONGSBERG website
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