Wärtsilä sells 40% stake in MW Power JV to Metso
Wärtsilä and Metso have agreed that Wärtsilä will sell its 40 per cent share in the joint venture MW Power Oy to the other joint venture party Metso. The closing of the transaction will require relevant regulatory approvals by EU, which are expected by the end of July 2012. The value of the agreement will not be disclosed. After the closing of the transaction, MW Power will be wholly owned subsidiary of Metso, Wärtsilä press release said.
Wärtsilä will follow its strategy and focus on engine-based power plant solutions. Wärtsilä is a major supplier of flexible power plants operating on various liquid and gaseous fuels. The Wärtsilä portfolio of power plants covers the capacity range from one to more than 500 MW.
Wärtsilä and Metso signed a contract in September 2008 to form a joint venture combining Metso’s Heat & Power business and Wärtsilä’s Biopower business. According to the contract, Metso owned 60 per cent and Wärtsilä 40 per cent of the joint venture, which supplies small and medium sized heat and power plants for the European market, and focuses on renewable fuel solutions. MW Power has approximately 250 employees in Finland, Scandinavia, the Baltics and Russia. MW Power started its operations in January 2009.
Wärtsilä is a global leader in complete lifecycle power solutions for the marine and energy markets. By emphasising technological innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2011, Wärtsilä’s net sales totalled EUR 4.2 billion with approximately 18,000 employees. The company has operations in nearly 170 locations in 70 countries around the world. Wärtsilä is listed on the NASDAQ OMX Helsinki, Finland. Wärtsilä is listed on the NASDAQ OMX Helsinki, Finland.
