Wärtsilä Swoops on L-3 MSI

first_imgzoom Finnish Wärtsilä Corporation is to acquire L-3 Marine Systems International from L-3 Communications Holdings Inc., in a transaction valued at EUR 285 million (USD 358m). The value of the deal is subject to customary adjustments including an estimated reduction of EUR 60 million (USD 75.3m) for L-3 MSI employee pension-related liabilities to be assumed by Wärtsilä Corporation.Financing for the deal will be secured from Wärtsilä’s existing cash resources and credit facilities, and is expected to be closed during the second quarter of 2015. L-3 MSI is expected to generate approximately EUR 400 million (USD 502m) of sales with an operating margin of approximately 6.5 % for the year ending December 31, 2014.Headquartered in Hamburg, Germany, L-3 MSI currently has more than 1,700 employees in 38 locations in 14 countries. L-3 MSI delivers automation, navigation and electrical systems, as well as dynamic positioning technology, and sonar and underwater communications technology for the marine, naval and offshore markets.Its portfolio comprises various product brands, including SAM Electronics, L-3 Valmarine, Lyngsø Marine, L-3 Dynamic Positioning & Control Systems, Jovyatlas Euroatlas, L-3 Elac Nautik, Funa and APSS.Jaakko Eskola, Senior Executive Vice President & President, Ship Power, Wärtsilä Corporation, said: “By combining forces with L-3 MSI, we create a powerful electrical and automation business, which is unique in its sector competence and breadth of capabilities. The deal is fully in line with our growth strategy to become the leading provider of innovative products and integrated solutions in the marine and oil & gas industries. This enables us to have a dedicated focus on both markets with an industry leading portfolio that features solutions from both companies.”last_img read more

Unsafe Ggn Sadar Another trader robbed of Rs 10 lakh

first_imgGurugram: Barely two weeks after a trader was shot dead in the oldest and busies meet of Gurugram there has been another incident where a trader was mugged and robbed of Rs 10 lakhs.According to law enforcement officials, Yash Kalra, the victim and owner of Hari Sweets, was walking towards his car, parked near his shop, around 10.45 pm, when the accused man snatched the bag of cash from him. “I started walking towards my car. I was carrying my bag which contained around Rs 10 lakh in cash — collection from the sales over three days. Suddenly, a man on a scooter came and snatched my bag. When I screamed for help, my staff ran after him but could not catch him,” Kalra said in his first information report. Also Read – Kejriwal ‘denied political clearance’ to attend climate meet in DenmarkThe brazen incident again highlighted the rising number of criminal activities where traders in and Gurugram are being targeted. The problems of traders and businessmen being targeted by goons have been a major law and order challenge in the outskirts of Gurugram. However, the incidents of traders and businessmen being targeted are also being reported on a large scale from the city centre. Complaining of law and order, traders have now been stating that not only thefts but now the trader community are being victimised with extortions, kidnappings and even murders regularly. Also Read – Bangla Sahib Gurudwara bans use of all types of plastic itemsThe traders have been demanding that is a need for more police vigilance in the outskirts of the city like Sohna, Pataudi and Badshahpur where the rates of crime against the traders are rising rapidly. “There is no doubt that a trader in the city does not feel safe and secure in the city. Today he can be easily targeted and harmed by the gangsters. Today the gangsters are emboldened that they can carry out a heist or murder in the daylight and get away with it. The Police must increase its presence in Gurugram,” said Pawan Bansal who runs a garment shop in Sadar Bazaar Gurugram.last_img read more