Wärtsilä and Metso have received the relevant formal regulatory approvals from the European Commission for the transaction by which Wärtsilä sells its share in MW Power to Metso. The transaction has now been closed.
According to the agreement published on 31 May 2012, Wärtsilä will sell its 40 per cent share in the joint venture MW Power Oy, to the other joint venture party Metso. Metso will thus acquire full ownership of MW Power. The value of the agreement has not been disclosed.
Wärtsilä will now follow its main strategy of focusing on engine-based power plant solutions, of which it is a major supplier.
Wärtsilä and Metso signed a contract in September 2008 to form the MW Power Oy joint venture, which combined Metso’s Heat & Power business and Wärtsilä’s Biopower business.
