CSSC becomes 100% owner of WinGD
Wärtsilä and China State Shipbuilding Corporation (CSSC) have agreed to transfer Wärtsilä’s 30% minority stake in the two-stroke joint venture Winterthur Gas & Diesel (WinGD) to CSSC, the Finnish company said in a media release.
Following the transaction, CSSC owns 100% of WinGD. The two-stroke operations have, until the divestment, been classified as discontinued operations. The value of the transaction is not significant.
Wärtsilä will recognise write-downs of approximately EUR 59 million in its results for the second quarter of 2016, of which EUR 21 million relate to the WinGD divestment and EUR 17 million to the restructuring program announced in April 2016. The remaining write-downs relate to the realisation of Brazilian real exchange rate losses and to other receivables. They will affect the Wärtsilä’s second quarter financial items.
Helsinki-headquartered Finnish Corporation Wärtsilä is a global leader in complete lifecycle power solutions for the marine and energy markets. By emphasising technological innovation and total efficiency, Wärtsilä maximizes the environmental and economic performance of the vessels and power plants of its customers. In 2015, Wärtsilä's net sales totalled EUR 5.0 billion. The Corporation staff is approximately 18,900 employees. The company has operations in more than 200 locations in nearly 70 countries around the world. Wärtsilä is listed on the Nasdaq Helsinki.