On the 15th of February 2006 the Law Firma Andreas Neocleous & Co notified to the Service of the CPC a proposed concentration acquisition of all assets of Total Automation Ltd from Wartsila Corporation, according to section 13 of the Control of Concentration between Enterprises Law 22(I)/99, as amended (Law). All the necessary information referred to in Schedule III of the Law was communicated to the Service of the CPC on 7/4/2006.
With the notification, Wartsila Corporation notified the signing of the agreement dated 10/2/2006, whereby Wartsila Corporation will obtain all the assets of Total Automation Ltd, through the acquisition of the subsidiary companies of Total Automation Ltd:Τotal Automation (International) Ltd, Whessoe S.A, Whessoe Total Automation Ltd, Whessoe Systems Pte Ltd, Haven Hydraulic & Crane Controls (S) Pte Ltd, Fischer Engineering Pte Ltd, Velosi (S) Pte Ltd, Haven Automation Holdings (S) Pte Ltd, Cosco –Shipyard Total Automation Co.Ltd and Singapore Newco.
Wartsila’s is a supplier of ship machinery and propulsion and maneuvring systems. It supplies engines and generating sets, reduction gears, propulsion equipment, control systems, sealing solutions for all type of vessels and offshore applications and it supports its customers throughout the lifetime of their installations. Warstila also supplies its customers with power plants for decentralized power generation. Lastly, Wartsila is active is special engineering steels through its subsidiary Imatra Steel.
Total Automation Ltd, Singapore is an engineering control and instrumentation specialist servicing the marine, offshore, oil & petrochemical, power & utilities, gas storage and processing industries.
During the preliminary investigation, the Service of the Commission for the Protection of Competition ascertains that the notified transaction could fall within the scope of the application of the Control of Concentration between Enterprises Law 22(I)/99.
According to Article 24 of the Control of Concentration between Enterprises Law 22(I)/99, in case of a concentration for which a full investigation is carried out (Article23), the Service provides, subsequent to the application of persons who have legal interest but do not participate in the concentration, an opportunity to submit their opinion in regards to the concentration at a way and time that the deadline set by Article 28 is not affected.