Wärtsilä and European Investment Bank agree on EUR 150 million loan for R&D activities
(Thomson Reuters ONE) -
Wärtsilä Corporation, Press release, 21 October 2011 at 10.30 am local time
The European Investment Bank (EIB) has granted a EUR 150 million loan to
Wärtsilä to finance the company's research, development and innovation
activities in several European countries. Wärtsilä will invest the funds during
2011-2012 in research activities aimed at further developing the company's
engine technology for both marine and power plant applications. The contract for
this 10-year loan was signed in Helsinki, Finland on October 21, 2011.
Wärtsilä has undertaken a major research and development initiative to further
develop its 4-stroke engine portfolio as part of the company's strategy. The
principal aim of the initiative is to further strengthen Wärtsilä's technology
leadership position, and to improve its competitive edge in the global marine
and energy markets. Wärtsilä will focus on developing engines that are more
efficient, more reliable, and with lower lifecycle costs and improved
environmental performance. Wärtsilä's research centers for engine technology are
located in Finland, Italy, Spain and Switzerland. In 2010, Wärtsilä's total
expenditure in research and development was EUR 141 million.
"We are happy to sign this agreement with Wärtsilä, which will bring substantial
benefits to the transport and energy sectors in environmental performance and
fuel efficiency. These are key considerations for the EIB's involvement in the
world maritime equipment, as well as in the power generation sector," said
Wilhelm Molterer, EIB Vice President responsible for Finland, at the signing
ceremony.
"This R&D loan is a continuation of the longstanding and strong co-operation
between the European Investment Bank and Wärtsilä. The loan is highly
appreciated as it is an important building block in the long-term funding of
investments in research and development work. Cutting edge R&D operations are
the key to retain the position of the most competitive supplier in a fast
changing global market. Furthermore, this loan also adds to the solid funding
position of Wärtsilä that is underlined with the current volatility in the
European financial markets," says Raimo Lind, Executive Vice President and CFO,
Wärtsilä Corporation.
The key areas of Wärtsilä's research and development operations are 4-stroke
engines, 2-stroke engines, propulsion, which includes propulsion thrusters,
fixed and controllable pitch propellers, as well as gear box systems, seals and
bearings, including their integration. In addition, Wärtsilä has been a pioneer
in introducing dual-fuel technology for 2- and 4-stroke engines and during
recent years has launched a series of gas engines, which offer outstanding fuel
flexibility.
Other technologies, such as fuel cells and the use of biofuels in combustion
engines, are also central areas of research. Wärtsilä's successful product
development also includes various exhaust gas after treatment solutions, such as
scrubbers and Selective Catalytic Reduction (SCR) catalysts for reducing
emissions of harmful sulphur oxides (SOx) and nitrogen oxides (NOx),
respectively. Wärtsilä's R&D activities employ some 700 specialists globally.
For further information, please contact:
Markus Pietikäinen
Vice President, Group Treasury & Financial services
Wärtsilä Corporation
Tel: +358 40 525 3024
markus.pietikainen(at)wartsila.com
European Investment Bank
Pär Isaksson
Tel. +352 621 345 895
p.isaksson(at)eib.org
For further information on the R&D activities, please contact:
Lars Hellberg
Group Vice President, Wärtsilä Industrial Operations
Wärtsilä Corporation
Tel. +358 10 7095280
lars.hellberg(at)wartsila.com
Tuula Franck
Senior Manager, Media and Stakeholder Relations
Wärtsilä Corporation
Tel: +358 400 267555
tuula.franck(at)wartsila.com
European Investment Bank in brief
The European Investment Bank is the long-term financing institution of the
European Union. The mission of the EIB is to contribute to the integration,
balanced development and economic and social cohesion of the EU Member States by
financing sound investments. The European Investment Bank is the long-term
lending institution of the European Union, whose shareholders are the 27 member
states. www.eib.org
Wärtsilä in brief
Wärtsilä is a global leader in complete lifecycle power solutions for the marine
and energy markets. By emphasising technological innovation and total
efficiency, Wärtsilä maximises the environmental and economic performance of the
vessels and power plants of its customers. In 2010, Wärtsilä's net sales
totalled EUR 4.6 billion with more than 17,500 employees. The company has
operations in 160 locations in 70 countries around the world. Wärtsilä is listed
on the NASDAQ OMX Helsinki, Finland.www.wartsila.com
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originality of the information contained therein.
Source: Wärtsilä Oyj Abp via Thomson Reuters ONE
[HUG#1556812]
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Datum: 21.10.2011 - 09:31 Uhr
Sprache: Deutsch
News-ID 78824
Anzahl Zeichen: 5922
contact information:
Town:
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Kategorie:
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