Wärtsilä to sell off Gas Solutions business
06 November 2023
Unit has limited synergies with the rest of portfolio, company says
Wärtsilä said it would sell off its Gas Solutions business unit in an effort to streamline its marine business portfolio.
Focus areas for the Gas Solutions unit are gas handling systems for seaborne transport, gas as fuel, gas to power, liquefaction and biogas solutions.
The company said the business unit has limited synergies with the rest of Wärtsilä’s marine product portfolio. Therefore, Wärtsilä plans to move Gas Solutions to the Portfolio Business in preparation for a divestment. The net sales of Gas Solutions was €293 million in the 12-month period Q4/2022-Q3/2023.
In connection with this, Wärtsilä plans to move Exhaust Treatment and Shaft Line Solutions business units from Wärtsilä Marine Systems to Wärtsilä Marine Power as of January 1, 2024 to simplify the organizational structure. Consequently, Wärtsilä Marine Systems will no longer constitute an organizational unit or a reporting segment.
According to the plans, Wärtsilä Marine Power will change its name to Wärtsilä Marine as of Jan. 1, 2024. It will be led by Roger Holm, currently president, Marine Power and executive vice president. Tamara de Gruyter will continue as executive vice president and member of the Wärtsilä Board of Management, focusing on the divestments of the Portfolio Businesses.
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