Wärtsilä and Jiangsu CuiXing Marine Offshore Engineering cooperation
Wärtsilä and Jiangsu CuiXing Marine Offshore Engineering Co. Ltd. have agreed to establish a joint venture for manufacturing Wärtsilä 26 and Wärtsilä 32 medium-speed marine engines in China. The agreement was signed today in Nantong, China. The value of Wärtsilä's investment in the joint venture is EUR 16 million. Wärtsilä's share of the joint venture is 49 per cent and Jiangsu CuiXing's share 51 per cent.
The joint venture's production facilities in the Rugao city of Nantong, Jiangsu province in Eastern China, will focus on the assembly and testing of engines. Operations are planned to start in early 2013. The joint venture is subject to approval by the relevant authorities.
"This joint venture is a major step in our strategy to broaden our presence and production close to our marine customers in China, the largest shipbuilding nation in the world. China has notably increased its market share in shipbuilding during recent years, and today has more than 40 per cent of the total global vessel order book. Through this joint venture, we will further improve our leading global position in the marine market," said Ole Johansson, President & CEO of Wärtsilä Corporation at the signing ceremony.
"This joint venture will enable Wärtsilä to offer competitive products to its customers in the Chinese marine market. Wärtsilä expects to significantly increase its market share of medium-speed engines. Our objective is to become one of the leading medium-speed engine manufacturers in China," says John Zhu, President, Wärtsilä in China.