Wärtsilä Oyj Abp: Wärtsilä extends license agreement with long-term partner Hyundai Heavy Industries

Wärtsilä Corporation, Trade and Technical Press Release, 29 February 2012 at 2.30 pm EET

Wärtsilä, the marine industry's leading solutions provider, and its South Korean partner Hyundai Heavy Industries, Engine and Machinery Division, have signed a ten year extension to their license agreement to build Wärtsilä low-speed engines. The agreement was signed at a ceremony held on 28 February 2012 in Ulsan and covers the period from 2012 to 2021.

Hyundai Heavy Industries (HHI), a part of the biggest shipbuilding cluster in the world, has through its Engine and Machinery Division been a licensee of Wärtsilä since 1975. During these 37 years, the total power volume of the Wärtsilä licensed engines built by HHI exceeds 22,800 MW. Under the terms of the newly signed agreement, HHI is licensed to manufacture and sell the full range of Wärtsilä RTA, RT-flex, and X-series low-speed marine diesel engines within its specified territory.

"We are pleased to renew our license agreement with HHI, which is the world's largest marine engine builder and our long-standing business partner in South Korea. With the renewed agreement we have a strong platform for intensifying our fruitful co-operation, and promoting our products to the future generation of ocean-going merchant ships," says Mr Martin Wernli, President, Wärtsilä Switzerland and Vice President, Product Centre 2-stroke.

"At HHI we are happy to sign the renewal of the license agreement and see the smooth continuation of the long-standing business relationship and fruitful co-operation between the two companies. During recent years, Wärtsilä and HHI have expanded their co-operation which, I am convinced, will generate mutual strengths in the coming years," says Mr JH Kim, Sr. Executive Vice President and Chief Operating Officer of HHI Engine and Machinery Division.

Image of the signing ceremony
(http://hugin.info/131481/R/1590054/499462.jpg)In the image:
Left side of table from front to back:
Mr JT. Kim, Executive Vice President, HHI; Mr JH. Kim Sr. Executive Vice President and Chief Operating Officer; HHI; Mr KD. Chang, Sr. Vice President, HHI and Mr CH. Lee, General Manager, HHI.
Right side of table from front to back:
Mr YU.Park, General Manager Wärtsilä Korea; Mr Eero Markkinen, License Director, Korea; Mr Martin Wernli, President of Wärtsilä Switzerland; Mr Rolf Stiefel, Sales Director, Wärtsilä Ship Power Merchant.

For further information please contact:

Mr Martin Wernli
President, Wärtsilä Switzerland,
Vice President, Product Centre 2-stroke
Tel. [phone]
[e-mail] (mailto:[e-mail])

Ms Tuula Franck
Senior Manager, Media and Stakeholder Relations
Wärtsilä Corporation
Tel. [phone]
[e-mail] (mailto:[e-mail])

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 2011, Wärtsilä's net sales totalled EUR 4.2 billion with approximately 18,000 employees. The company has operations in nearly 170 locations in 70 countries around the world. Wärtsilä is listed on the NASDAQ OMX Helsinki, Finland.

www.wartsila.com (http://www.wartsila.com/)

Image of the signing ceremony (http://hugin.info/131481/R/1590054/499462.jpg)

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Source: Wärtsilä Oyj Abp via Thomson Reuters ONE

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