Finnish technology group Wärtsilä revealed plans to further streamline its marine business portfolio by divesting its Gas Solutions business unit.
As explained, Gas Solutions, a business unit providing gas processing systems, 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 divestmentIn the period from the fourth quarter of 2022 to the third quarter of 2023, Gas Solutions reported net sales of €293 million.
The company intends 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. Wärtsilä Marine Systems will no longer constitute an organizational unit or a reporting segment. For the period from the fourth quarter of 2022 to the third quarter of 2023, consolidated net sales for the Exhaust Gas Treatment and Axle Solutions business units amounted to EUR 290 million.
According to the plans, Wärtsilä Marine Power will change its name to Wärtsilä Marine as of January 1, 2024，and will be led by Roger Holm, currently President and Executive Vice President of Wärtsilä Marine Power, with Tamara de Gruyter continuing as Executive Vice President and member of the Wärtsilä Management Board, with primary responsibility for the divestment of the portfolio business.
With 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 reporting structure will be reflected in Wärtsilä’s first quarter 2024 financial report.
The Finnish company operates in more than 240 locations in 79 countries and employs 17,500 professionals. Its net sales totaled €5.8 billion in 2022.