Wärtsilä Board of Directors has decided to initiate a strategic review of its Energy Storage and Optimisation (ES&O) business. The strategic review aims to assess options that would accelerate the profitable growth of the ES&O business, according to the company's release.
As part of this process, all potential alternatives will be considered. Such alternatives could include different ownership options of the ES&O business from continued full ownership to potential full or partial divestment of the business or other possible strategic alternatives.
On a twelve-month rolling basis, the ES&O net sales by the end of Q3 2023 amounted to EUR 983 million. On the same twelve-month rolling basis, the business turned to profitability.
Wärtsilä Board of Directors has not set a timetable for the completion of the strategic review. Wärtsilä will disclose the progress and conclusions of the review according to applicable disclosure laws and regulations.