Wärtsilä Announces Restructure
Wärtsilä has announced plans to further streamline its marine business portfolio by divesting its Gas Solutions business unit.
Gas Solutions is a 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.
Wärtsilä plans to move its 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. The combined net sales of Exhaust Treatment and Shaft Line Solutions was EUR 290 million in the 12-month period Q4/2022-Q3/2023.
Wärtsilä Marine Systems will no longer constitute an organizational unit or a reporting segment.
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.
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.