Wärtsilä sells high-speed 200/220 engine product rights to US company Dresser Inc.

Wartsila Corporation
  • Stock exchange release
31 August 2004 at 3:01 AM E. Europe Standard Time

Wärtsilä Corporation Stock Exchange Release 31.8.2004

Wärtsilä has sold the product rights of the high-speed Wärtsilä 200 and 220 product family to Dresser Inc. Waukesha business unit in the USA. Wärtsilä will continue to provide service for the engine base as before. This transaction does not include transfer of personnel.

Wärtsilä is also negotiating the transfer of its production in Mulhouse, France, to another company. That company would then take on part of the factory’s personnel. Wärtsilä’s production in Mulhouse ceases at the end of 2004. The Mulhouse unit has a current workforce of approximately 450. Wärtsilä France will henceforth concentrate on service.

This transaction is part of Wärtsilä’s ongoing restructuring programme and the company’s aim to focus on its strong products. The main products in Wärtsilä’s engine portfolio are medium-speed and low-speed engines. Wärtsilä entered a EUR 130 million restructuring provision in its 2003 accounts. The measures described above for their part confirm the sufficiency of this provision.

Waukesha Engine, a business unit of the American company Dresser Inc., is a leading supplier to the gas industry. Dresser Inc.’s net sales in 2003 totalled 1.7 billion US dollars and the group has 7 500 employees.

Wärtsilä is The Ship Power Supplier for builders, owners and operators of vessels and offshore installations. We are the only company with a global service network to take complete care of customers’ ship machinery at every lifecycle stage. Wärtsilä is a leading provider of power plants, operation and lifetime care services in decentralized power generation. Wärtsilä’s net sales in 2003 totalled EUR 2.4 billion with 12 000 employees.

Further information:
Mr Sven Bertlin, Executive Vice President, tel. +358 10 7095 605.