Wärtsilä Corporation STOCK EXCHANGE RELEASE 17 January, 2005 at 11.00 am Helsinki time
Wärtsilä is developing the Propulsion business and is setting up a wholly owned, state-of-the-art factory for Transverse Thrusters in Wuxi, PR China. Production will start in mid 2005. Wuxi is located approximately 100 km west of Shanghai. The name of the company is Wärtsilä Propulsion (Wuxi ) Co. Ltd.
The company will produce LIPS brand Transverse Thrusters and will serve the global shipbuilding market. Transverse Thrusters, also known as bow thrusters or tunnel thruster, are used in all kind of vessels. Nearly every vessel has a one or more Transverse Thruster. The thruster is used as a manoeuvring aid or for dynamic positioning purposes. Wärtsilä will also complete its portfolio by adding new sizes of Transverse Thrusters giving better market coverage.
“This venture brings Wärtsilä even closer to Asian customers, which will help us to serve them better. As the focus of the world’s shipbuilding industry shifts heavily to Asia, Wärtsilä has the opportunity to increase its market share in Transverse Thrusters”, says Mikael Mäkinen, Group Vice President, Ship Power.
Value of the factory investment is EUR 6.6. million. The factory will employ some 120 employees by step by step approach according to volume development.
Further information: Mikael Mäkinen, Executive Vice President, Group Vice President, Ship Power, Wärtsilä Corporation, Tel: +358-10-709 0000.