Wartsila (OMX:à‚ WRTBV) has agreed to sell its 40 per cent share in the joint venture MW Power Oy to the other partner, Metso (OMX:à‚ MEO1V).
The closing of the transaction will require relevant regulatory approvals by EU, which are expected by the end of July 2012.
Wartsila and Metso signed a contract in September 2008 to form a joint venture combining Metso’s Heat & Power business and Wartsila’s Biopower business.
The joint venture was engaged in supplying small and medium sized heat and power plants for the European market, and focusing on renewable fuel solutions.
After the closing of the transaction, MW Power will be wholly owned subsidiary of Metso.
For more business news