Change in ownership of Wärtsilä's Japanese joint venture

Wartsila Corporation, Press release, 13 March 2001 at 02:01 UTC+2

Wärtsilä Corporation, Press release 13.3.2001

Wärtsilä and Hitachi Zosen Corporation, the joint owners of Wärtsilä’s 50/50 joint venture in Japan, Wärtsilä Diesel Japan, have concluded an agreement whereby Wärtsilä will increase its holding in the company to 85% and the second owner of the company will be Hitachi Zosen’s subsidiary Imex Co. Ltd. This change complies with Wärtsilä’s strategy of being the majority owner in its global sales and service network companies.

Wärtsilä and Hitachi Zosen established Wärtsilä Diesel Japan Co Ltd in 1997 to manufacture Wärtsilä 20 and 32 engines and to sell both these and other Wärtsilä engines in the Japanese market.

Wärtsilä and Hitachi Zosen’s subsidiary Imex will continue to collaborate in gen set assembly. Mr Koji Ichikawa has been appointed President and Mr Akira Kanazawa Executive Vice President of the company.

Wärtsilä has another company in Japan, NSD Japan Ltd, which supports license manufacturing of the Group’s Sulzer engines. It is planned to merge Wärtsilä Diesel Japan and NSD Japan. The new company resulting from the merger will be called Wärtsilä Japan Co Ltd., with about 30 people.

Japan is one of the biggest shipbuilding countries in the world and an important marine market for Wärtsilä. In the power plant business  Wärtsilä has made openings in the market.

Wärtsilä Corporation is the leading global ship power supplier and a major provider of solutions for decentralized power generation and of supporting services.

The net sales of the Group in 2000 were EUR 2.7 billion and number of employees worldwide is 10,500.

Eeva Kainulainen
Vice President, Corporate Communications
Wärtsilä Corporation
Direct tel: +358 10 7095 235