Wärtsilä Corporation Financial statements bulletin 2015

Strategic projects, acquisitions, joint ventures and expansion of the network

The agreement between Wärtsilä and China State Shipbuilding Corporation (CSSC) for the take-over of Wärtsilä’s 2-stroke engine business was finalised in January. Winterthur Gas & Diesel Ltd is owned 70% by CSSC and 30% by Wärtsilä.

The acquisition of L-3 Marine Systems International (MSI) from the NYSE-listed L-3 Communications Holdings Inc. was finalised and control of the company transferred to Wärtsilä with effect from 1 June 2015. Integration is proceeding according to plan and MSI’s financial development in 2015 was somewhat better than expected. Further information on the acquisition can be found in the tables of the financial statements bulletin.

In July, Wärtsilä established a subsidiary to trade spare parts for classic 4-stroke Wärtsilä engines. QuantiParts B.V., fully owned by Wärtsilä, operates from the Netherlands and serves customers in the marine, locomotive and power plant industries worldwide.

In October, Wärtsilä Services expanded into a new market segment, offering a comprehensive package of seals, bearings and associated solutions to hydropower installations and industrial plants worldwide.

Construction of the CSSC Wärtsilä Engine (Shanghai) Co. Ltd factory in Lingang, Shanghai is proceeding according to plan. The ground breaking ceremony for the erection of the factory took place on the 28th of October. The first engines are expected to be ready for delivery by the end of 2016.

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