The Finnish Wärtsilä Group is continuing its restructuring: the Gas Solutions business unit is being spun off and Marine Systems will no longer be a separate reporting segment.
The aim is to simplify the organization and reporting structure, Wärtsilä announced today[ds_preview].
Specifically, this involves a further streamlining of its marine business portfolio through the sale of the Gas Solutions business unit. Wärtsilä had already restructured or sold various parts of its portfolio in the recent past, including some former German subsidiaries.
Gas Solutions is a supplier of gas treatment systems. “However, the business unit has only limited synergies with the rest of the marine product portfolio,” said the Finns, explaining the decision. It is therefore planned to move Gas Solutions to the Portfolio Business in preparation for a sale. The net sales of Gas Solutions amounted to € 293 million in the 12-month period Q4/2022-Q3/2023.
In this context, Wärtsilä also plans to move the Exhaust Treatment and Shaft Line Solutions businesses from Wärtsilä Marine Systems to Wärtsilä Marine Power as of January 1, 2024. As a result, Marine Systems will no longer be an organizational unit or reporting segment. The combined net sales of Exhaust Treatment and Shaft Line Solutions recently amounted to €290 million.
Holm to head new Wärtsilä unit
Wärtsilä Marine Power will be renamed Wärtsilä Marine as of January 1, 2024. It will be led by Roger Holm, currently President, Marine Power and Executive Vice President. Tamara de Gruyter will continue as Executive Vice President and member of the Wärtsilä Board of Management, focusing on the divestment of the portfolio businesses.
Following these planned changes, Wärtsilä will have two reporting segments as of January 1, 2024: Marine and Energy. Portfolio Business will continue to be reported as other business activities.
