Wärtsilä and Metso have agreed that Wärtsilä will sell its 40 per cent share in the joint venture MW Power Oy to the other joint venture party Metso. The closing of the transaction will require relevant regulatory approvals by EU, which are expected by the end of July 2012. The value of the agreement will not be disclosed. After the closing of the transaction, MW Power will be wholly owned subsidiary of Metso. Wärtsilä willcontinue with its strategy of focusing on reciprocating engine-based power plant solutions.

Wärtsilä and Metso signed a contract in September 2008 to form a joint venture combining Metso’s heat & power business and Wärtsilä’s biopower business. According to the contract, Metso owned 60 per cent and Wärtsilä 40 per cent of the joint venture, which supplies small and medium sized heat and power plants for the European market, and focuses on renewable fuel solutions.