The emergence of Aker Finnyards

Aker Yards Group will merge its two shipyards in Finland, Kvaerner Masa-Yards and Aker Finnyards, and the new company will be named Aker Finnyards which will cover all Aker Yards shipyard activities in Finland. The new, operative organisation will take effect on January 1, 2005.

Masa-Yards will acquire Aker Finnyards share capital and change its name into Aker Finnyards. In connection with the acquisition, the present Aker Finnyards will change its name into Aker Finnyards Rauma and function as a subsidiary to Aker Finnyards until next year, when the subsidiary will be merged with Aker Finnyards.

Karl-Erik Kjelstad, CEO and President of Aker Yards states: “Combining our two cruise- and ferry specialised shipyards brings valuable synergies and strengthens their competitive position in the global cruise and ferry markets. It is also a natural continuation to our efforts in streamlining our operations. We can easily draw parallels with this merger to the earlier mergers between our German shipyards in Wismar and Rostock-Warnemünde and the ongoing merger between our Norwegian shipyards, Aker Brattvaag and Aker Langsten.”

The integration process of Kvaerner Masa-Yards and Aker Finnyards will be lead by Yrjö Julin who will continue as President for Aker Finnyards, earlier named Kvaerner Masa-Yards.

“Kvaerner Masa-Yards and Aker Finnyards strategies complete each other. The merger gives us a firm foundation to further develop our strategy to be the global market leader in the cruise, ferry and technically complex vessel business. After the merger we can concentrate on further improving our products and services for our customers,” says Julin.

“The integration project teams will start their work already during this week. The new company will be fully merged by the turn of the year and Finland’s three largest shipyards will continue their work together as one company. The new Aker Finnyards will be a world leading designer and builder of cruise-, ferry- and technically complex vessels.”

Presently, Aker Finnyards shipyard in Rauma is building a cruise ship for Birka Line and a third Hamina-class fast surface combatant for the Finnish Navy. Kvaerner Masa-Yards shipyard in Turku is building the world’s largest cruise ferry for Color Line as well as the world’s two largest cruise ships, “Ultra Voyager”, for Royal Caribbean International, and the shipyard in Helsinki is working on two orders from Russia, one ice breaking supply and stand-by vessel as well as an arctic container vessel. In addition to the two shipyards, Kvaerner Masa-Yards has an arctic technology research center and a sister company, Piikkio Works Oy, the world’s leading manufacturer of prefabricated cabins.