Survitec Group, a provider of critical safety and survival technology to the marine and defence markets, has completed its merger with Wilhelmsen’s marine safety business.
This transaction comprises the transfer of all Wilhelmsen Maritime Services’ (WMS) safety related systems, products, services to Survitec.
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The merged business will operate under the name Survitec Group.
With this acquisition, Survitec Group will have access to a £1.5bn addressable global market, and will have over 3,000 employees in over 35 countries.
The combined entity will have a revenue of around £400m, and create value for customers as a result of the cost and revenue synergies and the end-to-end marine safety offering.
This merger will create a comprehensive global safety solutions provider and a market-leading business with the capacity for further growth.
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By GlobalDataSurvitec Group CEO Brian Stringer said: “We are delighted to have completed the merger with the marine safety business of Wilhelmsen Maritime Services, creating a market leading safety solutions provider. Following our previous successful acquisitions of Survival Craft Inspectorate and Survival Offshore Systems the completion of the merger is a further step in global consolidation.
“We are delighted to have completed the merger with the marine safety business of Wilhelmsen Maritime Services, creating a market leading safety solutions provider. Following our previous successful acquisitions of Survival Craft Inspectorate and Survival Offshore Systems, the completion of the merger is a further step in global consolidation.
“The completion of the merger will create value for all our stakeholders; customers, partners, suppliers and employees. With a cradle-to-grave safety solutions portfolio now at our fingertips, this is a transformative move for Survitec and we look forward to generating long term returns.”
Following the completion of the merger, WMS now holds 20% of the combined group and has one representative on the board of directors, Wilhelmsen Maritime Services AS president & CEO Dag Schjerven.
