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Christoph Vitzthum News

01 Oct 2020

Konecranes and Cargotec to Merge

Rob Smith, Konecranes President and CEO, with Mika Vehvilainen, Cargotec CEO (Photo: Konecranes)

Finnish engineering firm Konecranes and cargo handling machinery maker Cargotec plan to merge to help speed up innovation and reap savings, they said on Thursday, sending both of their shares sharply higher.The boards of the companies, which provide road and sea-cargo handling machinery and services to industries, factories, ports and terminals, said they had signed a plan under which Konecranes would be folded into Cargotec in a merger of equals.Cargotec shares jumped around 25%, while Konecranes stock was up around 17%, giving a combined market value of around 4.5 billion euros ($5.3 billion

08 Oct 2019

Konecranes Appoints New CEO and President

Konecranes, which specialises in the manufacture and service of cranes and lifting equipment, has appointed a new president and CEO, Rob Smith, who will take over his new role as of February 1, 2020.As of today, the Finnish company's CFO, Teo Ottola, who also serves as Deputy CEO, will be acting as the interim CEO until Rob Smith starts in the position."Konecranes has concluded the integration following the MHPS acquisition that took place almost three years ago. The company is now ready for the next phase in its development, and for that I am pleased to extend a warm welcome to Rob Smith, who is a global leader with a track record in achieving market leadership positions through innovative business strategies…

18 Jul 2013

Wärtsilä Make Two Board of Management Appointments

Pierpaolo Barbone: Photo Wärtsilä

Pierpaolo Barbone (55) MSc (Eng.) has been appointed President of Services, Executive Vice President and member of the Board of Management, effective 1 October 2013. Mr Christoph Vitzthum, who currently heads the Services business, will leave Wärtsilä to become President & CEO of Fazer Group. Mr Barbone joined Wärtsilä in 1996. He has held several management positions within the Services business, including leading the Services activities for the Middle East and Asia region and the field services globally.

08 Sep 2011

Wärtsilä, Shell Sign Deal to Promote LNG as a Marine Fuel

Wärtsilä and Shell Oil Company have signed a Joint Co-operation Agreement aimed at promoting and accelerating the use of liquefied natural gas (LNG) as a marine fuel. The agreement was signed in August 2011 and will run for several years. Supplies of low cost, low emissions LNG fuel will be made available to Wärtsilä natural gas powered vessel operators, and other customers by Shell. The Joint Cooperation Agreement will focus first on supplies from the US Gulf Coast, and then later expand their efforts to cover a broader geographical range. Gas fuelled marine engines are seen as being a logical means for ship owners and operators to comply with increasingly stringent environmental legislation.

09 Aug 2011

Wartsila Opens New Facility in Helsinki

Wärtsilä has opened new workshop facilities in Helsinki, Finland. The new facilities enable Wärtsilä to offer a wide range of workshop services with rapid response times. Operations in Helsinki began in early August 2011. "The new workshop is strategically located near the main shipping routes and this, together with its efficient storage arrangements, will significantly enhance our service capacity. For customers with maintenance agreements, the added component storage will reduce transportation and travel costs, and ensure prompt response times for vessels operating in the Baltic area," says Christoph Vitzthum, Group Vice President, Wärtsilä Services.

13 Jul 2011

Wärtsilä Acquires Cedervall

Wärtsilä has acquired Cedervall, a leading manufacturers of shaft seal and bearing systems for the marine industry. Cedervall is headquartered in Gothenburg, Sweden, and the company has subsidiaries in Spain, China and Singapore, with manufacturing facilities in Sweden, China and Spain. This acquisition is envisioned to strengthen Wärtsilä's leading position in the global marine services market, in line with its strategy. The combination of Wärtsilä's and Cedervall's businesses will create the market leader for oil and water lubricated seals and bearings, as well as for sterntubes. "Cedervall's oil and water lubricated seals and bearings, and sterntubes optimally complete the range of products and services in Wärtsilä's seals and bearings portfolio.

15 Apr 2002

Wärtsilä takes ownership of John Crane-Lips

Wärtsilä and the UK-based Smiths Group have on April 15, 2002 completed the agreement transferring John Crane-Lips, a leading global supplier of marine propulsion systems, to Wärtsilä. The agreement was signed at the end of January, 2002. In the regulatory approval process no obstacles for the acquisition have arisen. The acquisition price is GBP 215 million (EUR 350 million). The acquisition of John Crane-Lips marks an important step towards Wärtsilä´s strategic goal to lead the ship power market. The company will be part of Wärtsilä's Marine Division under the name Wärtsilä Propulsion. Mr. Christoph Vitzthum, MSc(Econ), currently Vice President, Finance & Control of Wärtsilä Marine Division, has been appointed President of Wärtsilä Propulsion.

09 Feb 2006

Wärtsilä's Announces Executive Changes

Jaakko Eskola, 47, MSc (Eng.) has been appointed Group Vice President, Ship Power and a member of the Board of Management. Eskola joined Wärtsilä in 1998 as Managing Director of Wärtsilä Development and Financial Services Oy. Before taking up this position he worked since 1986 in project financing positions for Kansallis-Osake-Pankki and Merita Bank in Luxemburg, London and Helsinki, and in 1997-1998 for PCA Corporate Finance Group Oy. Eskola is currently Vice President, Sales and Marketing for the Power Plants business in Wärtsilä. Executive Vice President Mikael Mäkinen, who currently heads the Ship Power business, leaves Wärtsilä to join another company on April 1, 2006.

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