The technology group Wärtsilä announces the divestment of American Hydro to Enprotech Corp, a wholly owned subsidiary of publicly traded ITOCHU Corporation (ITC).
American Hydro offers custom hydropower refurbishment solutions and turbine services focusing mainly on North American markets. The company was founded in 1986 and became part of Wärtsilä in 2016. The annual revenues of the company were approximately USD 50 million in 2021.
Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business said: ”We are pleased to have come to an agreement to sell American Hydro to Enprotech Corp and believe the companies to have a strong strategic and cultural fit.”
Chris Pascarella, President and CEO, Enprotech Corp stated: “The entire organization is extremely excited to add American Hydro to our collective portfolio of businesses focused on the maintenance, repair, rebuild and modernization of heavy industrial equipment. American Hydro expands our industry segmentation into the renewable energy sector, a key growth category for Enprotech Corp. Additionally, American Hydro has remarkable technical capabilities that will strengthen our entire organization.”
Subject to approvals, completion of the transaction is expected in first half of 2023.