Wärtsilä, the marine industry’s leading solutions provider, and its South Korean partner Hyundai Heavy Industries, Engine and Machinery Division, have signed a ten year extension to their license agreement to build Wärtsilä low-speed engines.
The agreement was signed at a ceremony held yesterday in Ulsan and covers the period from 2012 to 2021.
Hyundai Heavy Industries (HHI), a part of the biggest shipbuilding cluster in the world, has through its Engine and Machinery Division been a licensee of Wärtsilä since 1975. During these 37 years, the total power volume of the Wärtsilä licensed engines built by HHI exceeds 22,800 MW. Under the terms of the newly signed agreement, HHI is licensed to manufacture and sell the full range of Wärtsilä RTA, RT-flex, and X-series low-speed marine diesel engines within its specified territory.
“ We are pleased to renew our license agreement with HHI, which is the world’s largest marine engine builder and our long-standing business partner in South Korea. With the renewed agreement we have a strong platform for intensifying our fruitful co-operation, and promoting our products to the future generation of ocean-going merchant ships ,” says Mr Martin Wernli, President, Wärtsilä Switzerland and Vice President, Product Centre 2-stroke .
“ At HHI we are happy to sign the renewal of the license agreement and see the smooth continuation of the long-standing business relationship and fruitful co-operation between the two companies. During recent years, Wärtsilä and HHI have expanded their co-operation which, I am convinced, will generate mutual strengths in the coming years ,” says Mr JH Kim, Sr. Executive Vice President and Chief Operating Officer of HHI Engine and Machinery Division .
[mappress]
LNG World News Staff, February 29, 2012