Metso to acquire full ownership of the MW Power joint venture
Metso Corporation's press release on May 31, 2012 at 09:00 a.m. local time
Metso and Wärtsilä have agreed that Wärtsilä's holding in their MW Power joint venture will be acquired by Metso. Metso currently owns 60 percent and Wärtsilä 40 percent of MW Power. The arrangement is subject to permission from the EU competition authorities. The owners estimate completion by the end of July 2012. The value of the agreement will not be disclosed.
Founded in 2009, MW Power has been part of Metso's corporate structure. "In the future, Metso will develop MW Power's business as part of its comprehensive power generation solutions offering for the international market," says Jyrki Holmala, President of Metso's Power business line.
MW Power supplies small- and medium-sized heat and power plants for European market, and focuses on renewable fuel solutions. Its main customers are municipalities, process industries and utilities. The company has a total of 250 employees in Finland, Scandinavia, the Baltic area and Russia.
Metso's pulp, paper and power professionals specialize in processes, machinery, equipment, services, paper machine clothing and filter fabrics. Our offering and experience cover the entire process life cycle including new production lines, rebuilds and services.
Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries deliver sustainability and profitability to customers worldwide. Expect results.
For further information, please contact:
Jyrki Holmala, President, Power business line, Metso, tel. +358 400 636 956