Wärtsilä signs licence agreement extension with Korean partner
(Thomson Reuters ONE) -
Wärtsilä Corporation, Trade Press release, 15 November 2011
Wärtsilä, the marine industry's leading solutions provider, and its Korean
partner, Doosan Engine Co. Ltd, a member of the Doosan Group, have signed a ten
year extension to the licensing agreement to build Wärtsilä low-speed engines.
The agreement renewal covers the period from 2012 to 2021.
Doosan Engine Co. Ltd, along with its predecessor licence holders Korea Heavy
Industries and Samsung Heavy Industries, has been a long standing licensee of
Wärtsilä, altogether for 28 years. It has produced close to 400 engines with a
total power of over 20,000,000 BHP. Doosan Engine is the second biggest engine
manufacturer in the world.
Under the terms of the agreement, the licensee is authorised to manufacture and
sell Wärtsilä low-speed marine diesel engines within its specified territory.
The full range of Wärtsilä RTA, RT-flex, and X-series marine engines are
included in the scope of the agreement.
"We are very pleased to renew this agreement with our business partner in Korea.
Doosan Engine is a major global producer of large marine diesel engines, and
this agreement strengthens our partnership in promoting Wärtsilä brand low-speed
engines in the territory. Our expectations are high for increasing our market
share in the Korean market, and we are confident that by extending this
agreement for a further ten years, our goals can be achieved," says Mr Martin
Wernli, President, Wärtsilä Switzerland, Vice President, Product Centre 2-
stroke. Wärtsilä in Switzerland is the centre for the company's 2-stroke engine
R&D and business operations.
"By renewing this licence agreement, both companies will continue their close
co-operation in providing the latest technology low-speed engines to the rapidly
changing shipbuilding market. It is a win-win growth opportunity for both
companies, and will certainly strengthen their market positions," says Mr Sung-
Hee Lee, President & CEO of Doosan Engine Co. Ltd.
The agreement was signed at a ceremony held on 7 November 2011 at the
headquarters of Doosan Engine Co. Ltd in Changwon, South Korea.
For further information please contact:
Mr Martin Wernli
President, Wärtsilä Switzerland
Vice President, Product Centre 2-stroke
Tel: +41 52 262 2686
martin.wernli(at)wartsila.com
Ms Tuula Franck
Senior Manager, Media and Stakeholder Relations
Wärtsilä Corporation
Tel. +358 400 267 555
tuula.franck(at)wartsila.com
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
Caption to the image below: Mr Sung-Hee Lee, President & CEO of Doosan Engine
Co. Ltd. and Mr Martin Wernli, President, Wärtsilä Switzerland, Vice President,
Product Centre 2-stroke
Doosan licence agreement:
http://hugin.info/131481/R/1563887/484948.jpg
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originality of the information contained therein.
Source: Wärtsilä Oyj Abp via Thomson Reuters ONE
[HUG#1563887]
Unternehmensinformation / Kurzprofil:
Datum: 15.11.2011 - 12:15 Uhr
Sprache: Deutsch
News-ID 88102
Anzahl Zeichen: 4217
contact information:
Town:
Helsinki
Kategorie:
Business News
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"Wärtsilä signs licence agreement extension with Korean partner"
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