Finnish tech firm Wartsila aims to sell its gas solutions business as part of the company’s plans to further streamline its marine business portfolio.
Warstila said its gas solutions is a “leading” provider of gas processing systems, including for LNG-powered vessels.
However, the business unit has “limited synergies” with the rest of Wärtsilä’s marine product portfolio, it said.
Therefore, Wartsila plans to move the gas solutions unit to the portfolio business in preparation for a divestment.
The net sales of Wartsila’s gas solutions was 293 million euros ($313.6 million) in the 12-month period Q4/2022-Q3/2023.
In connection with this, Wartsila plans to move its exhaust treatment and shaft line solutions business units from Wartsila Marine Systems to Wartsila Marine Power as of January 1, 2024 to simplify the organizational structure.
Consequently, Wartsila Marine Systems will no longer constitute an organizational unit or a reporting segment, the firm said.
According to the plans, Wartsila Marine Power will change its name to Wartsila Marine as of January 1, 2024.
It will be led by Roger Holm, currently president, Marine Power and executive VP.
Tamara de Gruyter will continue as executive VP and member of the Wartsila board of management, focusing on the divestments of the portfolio businesses, Wartsila said.
Following these planned changes, Wartsila will have two reporting segments as of January 1, 2024: marine and energy.
