JUNE 20, 2016 — Wärtsilä has transferred its 30% shareholding in two-stroke joint venture Winterthur Gas & Diesel Ltd. (WinGD) to China State Shipbuilding Corporation (CSSC).
Following the transaction, CSSC owns 100% of WinGD.
WinGD, headquartered in Winterthur, Switzerland, started the development of large internal combustion engines in 1898 under the "Sulzer" name. WinGD says it will continue as an independent, international company to develop and innovate its two-stroke low-speed marine engine portfolio serving all merchant markets and customers worldwide.
"With the transfer of the shares in WinGD from Wärtsilä Cooperation to CSSC." says Mr. Martin Wernli, CEO of WinGD, "we will be able to establish even closer cooperation with one of the leading global shipbuilding conglomerates CSSC enabling us to accelerate the development of reliable, efficient and innovative two-stroke low-speed engines meeting the market demands of merchant shipping of the future."
WinGD will continue to work with the Wärtsilä Corporation service network to serve its customers for after-sales support
WinGD says the relationship with CSSC is one that will not only allow it to demonstrate a well proven track record in the design and development of modern two-stroke diesel engines, but also to develop, in close cooperation with one of the leading global shipbuilding conglomerates, new and innovative technologies to enhance what is essentially the workhorse engine of the merchant shipping industry worldwide.
Wärtsilä will take write-downs of approximately EUR 59 million in its results for the second quarter of 2016, of which EUR 21 million relates to the WinGD divestment.