Wärtsilä and China State Shipbuilding Corporation (CSSC) have agreed to transfer Wärtsilä’s 30% minority stake in the two-stroke joint venture Winterthur Gas & Diesel (WinGD) to CSSC. Following the transaction, CSSC owns 100% of WinGD. The two-stroke operations have, until the divestment, been classified as discontinued operations. The value of the transaction is not significant.
Wärtsilä will recognise write-downs of approximately EUR 59 million in its results for the second quarter of 2016, of which EUR 21 million relate to the WinGD divestment and EUR 17 million to the restructuring program announced in April 2016. The remaining write-downs relate to the realisation of Brazilian real exchange rate losses and to other receivables. They will affect the Wärtsilä’s second quarter financial items.
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Wärtsilä in brief
Wärtsilä is a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2015, Wärtsilä’s net sales totalled EUR 5 billion with approximately 18,800 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.