European commission clearance for the joint venture between Wärtsilä and Hyundai Heavy Industries

Wärtsilä Corporation, Press release 14 June 2007 at 11:00 UTC+2

The European Commission’s competition authorities have cleared the joint venture being formed by Wärtsilä and Hyundai Heavy Industries Co. Ltd (HHI).

Wärtsilä and Hyundai Heavy Industries Co. Ltd signed in January 2007 an agreement to set up a 50/50-owned joint venture in Korea to manufacture Wärtsilä 50DF dual-fuel engines for LNG (liquefied natural gas) carriers for the Korean, Japanese, Chinese and Taiwanese shipbuilding markets. Focusing on assembly and testing of the engines, the joint venture is scheduled to deliver its first engine in the second half of 2008. The total capacity of the factory will be in the magnitude of 100 engines a year.

The name of the company will be Wärtsilä-Hyundai Engine Company Ltd.

All business related main permits have now been received to start the business.

For further information please contact Ms Eeva Kainulainen, VP, Corporate Communications, Wärtsilä, phone +358 10 709 5235.