EUR 100 million EIB loan for Wärtsilä R&D

Wartsila Corporation
  • Press release
10 November 2003 at 2:01 AM E. Europe Standard Time

Wärtsilä Corporation, Press release 10 November 2003

The European Investment Bank (EIB) has granted Wärtsilä a research and development loan of EUR 100 million. Wärtsilä will use the loan to develop the competitiveness and environmental performance of the engines. The goal is to reduce running costs and to ensure sustainable development throughout the life cycle of the engines.

The European Investment Bank funds research and development that supports the long-term competitiveness of businesses in the EU.

“The EIB loan is of major importance in developing our business. In an environment where increased price competition challenges production in Europe it emphasizes the importance and capabilities of European R&D,” said Mr Ole Johansson, President & CEO of Wärtsilä.

Mr. Sauli Niinistö, EIB Vice-President, said: “The EIB is pleased to be supporting a project which, in terms of its environmental benefits and innovative aspects, fits in so well with two of the Bank’s key policy objectives of innovation and environmental protection. This is also the first industrial R&D facility in Finland for the EIB.”

 

Raimo Lind,
CFO
Wärtsilä Corporation
Direct tel: +358 10 7095 640
e-mail: raimo.lind@wartsila.com

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