European Commission Clears JV

The European Commission's competition authorities have cleared the joint venture being formed by Wärtsilä, China Shipbuilding Industry Corporation (CSIC) and Mitsubishi Heavy Industries (MHI). The joint venture will manufacture large low-speed marine engines in China. CSIC's ownership in the the joint venture will be 50%, Wärtsilä's 27% and MHI's 23%. The production is expected to start in the fourth quarter of 2008.