Wärtsila divests shares in Wärtsilä ELAC Nautik
Wärtsilä has divested shares in Wärtsilä ELAC Nautik (ELAC Nautik) to Cohort, the company announced on 12 December.
ELAC Nautik became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. The company provides hydroacoustic products, including sonars, underwater communication systems and echo systems for small and medium sized military submarines.
The acquisition is in line with Cohort’s stated strategy to accelerate its growth through targeted acquisitions.
Andrew Thomis, Cohort chief executive, said: ‘The acquisition of ELAC is a significant step for Cohort, adding a sixth standalone business to our growing and profitable portfolio. It is highly complementary to our core capabilities in defence and security, with a leading position in the attractive and growing submarine and surface sonar markets, strengthening and broadening the group’s existing capabilities in maritime systems.’
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