THE take-over of Wartsila's two-stroke engine business by China State Shipbuilding Corps (CSSC) has been wrapped up, after receiving the necessary government and merger control approvals.
The company is owned 70 per cent by CSSC and 30 per cent by Wartsila, and has been renamed Winterthur Gas & Diesel (WinGD). The head office will remain in Winterthur, Switzerland, as will the company's subsidiaries in China, South Korea and Japan, reported London's Tanker Operator.
The joint venture will continue to develop and promote sales of the two-stroke engine portfolio and the servicing the engines will remain the responsibility of Wartsila via its global service network.
The partnership between two of the marine sector's major players will enhance the market opportunities for the company's two-stroke engines, the companies said.
"The global shipping industry is developing with fuel economy and environmental compliance as its driving forces. The combination of Wartsila's technical leadership and CSSC's industrial strength will support the aim of WinGD to serve the industry," said WinGD CEO Martin Wernli.
SHIPBUILDING
01 February 2015 - 20:38
China Shipbuilding takes over Wartsila's 2-stroke engine business
THE take-over of Wartsila's two-stroke engine business by China State Shipbuilding Corps (CSSC) has been wrapped up, after receiving the necessary government and merger control approvals.
SHIPBUILDING
01 February 2015 - 20:38
China Shipbuilding takes over Wartsila's 2-stroke engine business
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