Wartsila plans to simplify its organisation and reporting structure, Marine Systems to be discontinued as a reporting segment
Wärtsilä plans to further streamline its marine business portfolio by divesting its Gas Solutions business unit, according to the company's release.
Gas Solutions is a leading provider of gas processing systems. However, the business unit has limited synergies with the rest of Wärtsilä’s marine product portfolio. Therefore, Wärtsilä plans to move Gas Solutions to the Portfolio Business in preparation for a divestment. The net sales of Gas Solutions was EUR 293 million in the 12-month period Q4/2022-Q3/2023.
In connection with this, Wärtsilä plans to move Exhaust Treatment and Shaft Line Solutions business units from Wärtsilä Marine Systems to Wärtsilä Marine Power as of January 1, 2024 to simplify the organisational structure. Consequently, Wärtsilä Marine Systems will no longer constitute an organisational unit or a reporting segment.
According to the plans, Wärtsilä Marine Power will change its name to Wärtsilä Marine as of January 1, 2024. It will be led by Roger Holm, currently President, Marine Power and Executive Vice President. Tamara de Gruyter will continue as Executive Vice President and member of the Wärtsilä Board of Management, focusing on the divestments of the Portfolio Businesses.
Following these planned changes, Wärtsilä will have two reporting segments as of January 1, 2024: Marine and Energy. Portfolio Business will continue to be reported as other business activities. The change in the reporting structure will be reflected in Wärtsilä’s financial reporting as of the first quarter of 2024. Restated financial information regarding these changes will be published during the first quarter of 2024. The combined net sales of Exhaust Treatment and Shaft Line Solutions was EUR 290 million in the 12 month period Q4/2022-Q3/2023.
