Wärtsilä-CSSC Joint Venture Starts Operations

by Ship & Bunker News Team
Tuesday January 20, 2015

Wärtsilä Corporation (Wärtsilä) Monday announced that a joint venture take over of its two-stroke engine business is now complete.

The business, Winterthur Gas & Diesel Ltd. (WinGD), is owned 70 percent by China State Shipbuilding Corporation (CSSC) and 30 percent by Wärtsilä and will remain headquartered in Winterthur, Switzerland, with subsidiaries in China, South Korea, and Japan.

Plans for a joint venture were first made public in July 2014, but its has taken until now for government and merger control approvals to be granted.

"The global shipping industry is developing with fuel economy and environmental compliance as its driving forces," said Martin Wernli, CEO, WinGD.

"The combination of Wärtsilä's technical leadership and CSSC's industrial strength will support the aim of WinGD to serve the industry with advanced products."

WinGD has taken ownership of all of Wärtsilä's two-stroke engine technology and will develop and promote sales of its two-stroke portfolio.

"The synergies of the joint venture will accelerate product development, thus bringing critical new engine technologies to the market faster than earlier," said Wärtsilä.

Wärtsilä recently announced full market availability of its fuel-saving X62 two-stroke engine.

Ship & Bunker News Team
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