Wärtsilä to take part in Aker Arctic Technology Inc

Wärtsilä Corporation, Press release 14 January 2005 at 12:00 UTC+2

Wärtsilä will take part in the newly formed Aker Arctic Technology Inc with a 12.5% stake. The company is a subsidiary of Aker Finnyards and commenced operations on 1 January 2005. ABB and Aker Kvaerner Engineering and Technology AS are other owners.

Aker Arctic Technology Inc will continue the activity of the former Masa-Yards´ Arctic Technology Center (MARC) and extends it’s scope by starting to offer its own portfolio of conceptual ship designs for various shipyards, shipowners and offshore operators interested in operations in ice-infested cold waters.

Wärtsilä’s strategy is to grow in the Ship Power business through it’s competences in propulsion systems and ship machinery.

“Taking an active stake in joining Aker Arctic Technology gives Wärtsilä an unique opportunity to contribute in the development of ice going vessels and structures. It also gives an opportunity to learn and further develop Wärtsilä’s competencies in ship machinery and especially in propulsion equipment”, says Mr Mikael Mäkinen, Group Vice President, Ship Power. “Wärtsilä sees strong growth potential in the ice going ship market”, he continues.

For further information, please call: Mr Mikael Mäkinen, Executive Vice President, Group Vice President, Ship Power, tel. +358 10 709 0000.