Wärtsilä Corporation, 17 March 2016 at 8.45 am EET – Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed a Letter of Intent to establish a new joint venture company. The new joint venture will focus on China’s growing market for electrical & automation (E&A) solutions for marine applications.
The Letter of Intent was signed by Wärtsilä CEO Jaakko Eskola and Mr Wu Qiang, President of CSSC at a ceremony in Shanghai on March 16. The planned activities of the JV will include sales, marketing, engineering and project management for the E&A market. However, following the signing of the Letter of Intent, the full scope of the company’s operations will be further defined. The joint venture company is expected to be operational at the beginning of 2017.
“Wärtsilä has a leading position in supplying E&A systems for high-end and offshore vessel applications. By combining our strengths in this field with the strong market position of CSSC, we can provide Asian owners and yards with the best possible solutions supported by local presence and capabilities, ” says Jaakko Eskola, CEO of Wärtsilä.
“We are delighted to be cooperating yet again with Wärtsilä to serve the marine industry in China. CSSC and Wärtsilä have state-of-the-art technologies and vast experience in E&A systems, and through this joint venture we shall be in a position to provide the best possible offering and service, ” says Mr Wu Qiang, President of CSSC.
Wärtsilä and CSSC are already partners in three joint venture companies. In 2004 they jointly formed Wärtsilä CME Zhenjiang Propeller Co Ltd (WCME), a company producing fixed and controllable pitch ship propellers. In 2014, CSSC Wärtsilä Engine (Shanghai) Co Ltd (CWEC) was established for the local production of medium and large bore, medium speed, diesel and dual-fuel Wärtsilä engines. In 2015 the two companies formed Winterthur Gas & Diesel (WinGD). WinGD has taken over the technical development and sales of Wärtsilä’s range of 2-stroke, low speed marine engines.
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.