Wärtsilä sells its JV shares to Transmashholding
Wärtsilä and Transmashholding have agreed that Wärtsilä will sell its 50 per cent share in the joint venture Wärtsilä TMH Diesel Engine Company LLC to Transmashholding, the other joint venture party. The divestment of the joint venture will enable Wärtsilä to concentrate on its core areas of expertise, namely complete lifecycle power solutions for the marine and energy markets. The transaction has received the relevant regulatory approvals, and it is expected to be closed by the end of June 2014. The value of the agreement is approximately EUR 12 million. Wärtsilä and Transmashholding signed a joint venture agreement in May 2010 to manufacture modern and multipurpose diesel engines in Russia. The engines were to be used in shunter locomotives and in various marine and power applications.
Wärtsilä's Russian JV to Build Engine Production Facility
Wärtsilä TMH Diesel Engine Company LLC, a joint venture owned 50/50 by Wärtsilä and Transmashholding (TMH), is ready to start construction of a modern factory located in Penza, Russia. The new plant, which is expected to be ready to start production in summer 2013, will provide world-class assembly and manufacturing facilities. Wärtsilä and Transmashholding signed the joint venture agreement in May 2010. The intention is to manufacture modern and multi-purpose diesel engines, including a technically advanced version of the Wärtsilä 20 engine, in Russia.
