Wärtsilä and Metso have received the relevant regulatory approvals from the European Commission for the transaction whereby Wärtsilä sells its share in MW Power to Metso. The transaction between Wärtsilä and Metso has now been closed.
According to the agreement published on May 31, 2012, Wärtsilä will sell its 40 per cent share in the joint venture MW Power Oy, to the other joint venture party Metso. Metso will thus acquire full ownership of MW Power. The value of the agreement is not disclosed.
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 the MW Power Oy joint venture, which combined Metso’s Heat & Power business and Wärtsilä’s Biopower business.
Links to earlier press releases:
31 May 2012: Wärtsilä sells its share in MW Power joint venture to Metso
14 November 2008: Wärtsilä’s and Metso’s joint venture cleared by regulatory authorities - name of the joint venture is MW Power Oy
26 September 2008: Wärtsilä and Metso form joint venture for renewable energy solutions
For further information, please contact:
Caj Malmsten
Vice President, Finance & Business Control
Wärtsilä Power Plants
Tel. +358 40 733 2978
caj.malmsten@wartsila.com
Tuula Franck
Senior Manager, Media and stakeholder Relations
Wärtsilä Corporation
Tel: +358 400 267 555
tuula.franck@wartsila.com
Wärtsilä in brief
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.
www.wartsila.com
