Danish gas pump specialist Svanehøj has agreed to take over the Wartsila Tank Control Systems business from Wartsila.
This transaction is expected to complete in the fourth quarter of the year.
Wartsila Tank Control Systems is responsible for designing, producing, selling and offering service measurement systems for gas tanks on liquefied natural gas (LNG) vessels, land-based LNG terminals and offshore storage.
It also provides safety products as well as associated systems and solutions for liquefied petroleum gas (LPG) land-based storage and underground cavern storage.
This business became part of Wartsila through the latter’s purchase of Total Automation in 2006.
The company, which generated revenues of $8.78m (€7.5m) last year, has a workforce of approximately 50 employees based in the UK, France and Singapore.
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Tank Control Systems general manager Chris Mais said: “With the divestment, Tank Control Systems will have access to Svanehøj’s resources and service network, complementing the current installed base and future direction of our safety and gauging solutions.”
This deal is Svanehøj’s second acquisition in less than eight months.
In November 2020, the company acquired service specialist Force Technology Marine Equipment Service.
Through the latest acquisition, Svanehøj, which provides cargo system services for LPG ships, aims to fortify its position within the larger LNG ship sector.
After the conclusion of this deal, the business’ services will be expanded to 500 LNG ships.
Svanehøj CEO Søren K. Nielsen said: “The acquisition of Wartsila Tank Control Systems is an expression of our desire to make Svanehøj a globally leading specialist in producing and servicing equipment for handling all types of liquefied gas, natural gas, biogas and, not least, the Power-to-X-based fuel of the future.”
Recently, Wartsila joined forces with Hudong-Zhonghua Shipbuilding and ABS to develop a future-ready concept for a multi-fuel electric LNG carrier vessel.