Equipment company expects to close deal by July 2012.
Metso, a multi-national equipment company based in Helsinki, Finland, has reached an agreement to acquire Wärtsilä’s holding in the companies' MW Power joint venture. Metso currently owns 60 percent of the venture, with Wärtsilä controlling the remaining 40 percent. The arrangement is subject to permission from the EU competition authorities. Both Metso and Wärtsilä estimate completion by the end of July 2012. The value of the agreement has not be disclosed.
MW Power, founded in 2009, has been part of Metso’s corporate structure. “In the future, Metso will develop MW Power’s business as part of its comprehensive power generation solutions offering for the international market,” says Jyrki Holmala, president of Metso’s Power business line.
MW Power supplies small and medium-sized heat and power plants for the European market and focuses on renewable fuel solutions. Its main customers are municipalities, process industries and utilities.