The joint venture agreement between Wärtsilä and China State Shipbuilding Corporation for the take-over of Wärtsilä’s 2-stroke engine business, which was revealed in July 2014, has been finalized.
The required government and merger control approvals having been received, official closing took place on 19 January 2015. The company is owned 70% by CSSC and 30% by Wärtsilä, and is to be named Winterthur Gas & Diesel, Wartsila said in a statement. The head office of WinGD remains in Winterthur,
The head office of WinGD remains in Winterthur, Switzerland and the company has subsidiaries in China, South Korea and Japan.
The joint venture assumes ownership of Wärtsilä’s 2-stroke engine technology, and will continue to develop and promote sales of the Wärtsilä 2-stroke engine portfolio with the full support of both partners. Responsibility for servicing Wärtsilä’s 2-stroke engines will remain with Wärtsilä via its global service network.
Press Release; Image: Wartsila