Tuesday, June 21, 2016

Major Marine Engine Producer Sees Share Sell Off

Control Switches from Finland to China
Shipping News Feature
CHINA – SWITZERLAND – FINLAND – Winterthur Gas & Diesel (WinGD), which has been developing low-speed two-stroke marine engines since 1898 under ‘Sulzer’ brand, has seen the 30% of its stock previously held by Finnish engineering group Wärtsilä, transferred to the China State Shipbuilding Corporation (CSSC) in a move the company describes as developing ‘a close cooperation with one of the leading global shipbuilding conglomerates’ at a time when diesel, LNG and dual fuel engine power plants are evolving at pace.

At this month’s CIMAC Congress, which studies developments in diesel, gas and turbine equipment, WinGD presented eight industry related papers demonstrating how its technological capabilities are expanding at a time when emissions under the latest IMO Tier lll regulations and engine efficiency are the hot topics. Now it has been announced that, despite the change of stockholding, WinGD will continue as an independent, international company to develop and innovate its two-stroke low-speed marine engine portfolio serving all merchant markets and customers worldwide. Martin Wernli, CEO of WinGD observed:

“With the transfer of the shares in WinGD from Wärtsilä Cooperation to CSSC, we will be able to establish even closer cooperation with one of the leading global shipbuilding conglomerates, CSSC, enabling us to accelerate the development of reliable, efficient and innovative two-stroke low-speed engines meeting the market demands of merchant shipping of the future. WinGD will continue to work with the Wärtsilä Corporation Service Network to serve our customers for after-sales support.”