Wärtsilä plans to simplify its organisation and reporting structure, Marine Systems to be discontinued as a reporting segment
Wärtsilä Corporation, Stock exchange release, 6 November 2023 at 1:00 PM EET
Wärtsilä plans to simplify its organisation and reporting structure, Marine Systems to be discontinued as a reporting segment
Wärtsilä plans to further streamline its marine business portfolio by divesting its Gas Solutions business unit.
Gas Solutions is a leading provider of gas processing systems. However, 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 EUR 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 organisational structure. Consequently, Wärtsilä Marine Systems will no longer constitute an organisational unit or a reporting segment.
According to the plans, Wärtsilä Marine Power will change its name to Wärtsilä Marine as of January 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.
Wärtsilä’s new reporting structure and restated financial information
Following these planned changes, Wärtsilä will have two reporting segments as of January 1, 2024: Marine and Energy. Portfolio Business will continue to be reported as other business activities. The change in the reporting structure will be reflected in Wärtsilä’s financial reporting as of the first quarter of 2024. Restated financial information regarding these changes will be published during the first quarter of 2024. The combined net sales of Exhaust Treatment and Shaft Line Solutions was EUR 290 million in the 12 month period Q4/2022-Q3/2023.
For further information, please contact:
Hanna-Maria Heikkinen
Vice President, Investor Relations
Tel. +358 10 709 1461
hanna-maria.heikkinen@wartsila.com
For press information, please contact:
Saara Tahvanainen
Executive Vice President, Communications and Marketing
Tel. +358 40 589 0223
saara.tahvanainen@wartsila.com
Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve their environmental and economic performance. Our dedicated and passionate team of 17,500 professionals in more than 240 locations in 79 countries shape the decarbonisation transformation of our industries across the globe. In 2022, Wärtsilä’s net sales totalled EUR 5.8 billion. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com