New three-part structure takes effect from July 1, 2020
A new corporate three-part structure is to be introduced for the marine business of Finnish high-tech systems company Wärtsilä, from July 1, 2020. The company is a major supplier of various systems and equipment to the global yacht market and in a statement the reorganisation was stated to be aimed accelerating strategy execution.
The restructure will see Wartsila’s marine business being split into three independent businesses – Marine Power, Marine Systems and Marine Voyage. In addition to speeding up its strategy execution, the objective of the reorganisation is to simplify the business structure and strengthen business presence in the Board of Management.
“Wärtsilä is committed to leading the way towards a more sustainable maritime future,” says Jaakko Eskola, president and CEO of Wärtsilä Corporation. “We have today the broadest offering for the marine markets, and I am confident that establishing three independent marine entities, with a stronger focus on the specific needs of their respective markets, will accelerate the execution of our Smart Marine strategy. Our customers will benefit from increased agility and speed in decision-making, as well as an even more empowered and effective frontline.”
Wartsila refers to the planned changes, indicating: “The evolution of Wärtsilä’s organisational structure is a continuation to the changes made in 2019, whereby the equipment and service businesses were integrated to strengthen the focus on complete lifecycle solutions. In the new operational model:
- Marine Power will focus on Wärtsilä engine and propulsion solutions
- Marine Systems’ offering will consist of gas solutions, exhaust treatment, marine electrical systems, as well as seals and bearings
- Marine Voyage will provide navigation solutions, simulation and training solutions, fleet operation solutions, and ship traffic control solutions
Each business will have lifecycle responsibility for its offerings. Wärtsilä’s Energy Business will continue in its current form.
Wärtsilä’s financial reporting will be adjusted to reflect the new organisational structure as of the second quarter of 2020. Adjusted comparison figures will be provided prior to the publication of the half-year financial report January-June 2020.
In 2019, Wärtsilä’s net sales totalled €5.2bn with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.