Wärtsilä Reorganizes Marine Business to Accelerate Strategy Execution
Wärtsilä has decided to reorganize its Marine Business into three independent businesses. The objective of this change is to accelerate strategy execution, simplify the business structure, and strengthen business presence in the Board of Management. The new businesses, consisting of Marine Power, Marine Systems and Marine Voyage, will be operational as of July 1, 2020.
The evolution of Wärtsilä’s organizational 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 is committed to leading the way towards a more sustainable maritime future. 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,” comments Jaakko Eskola, President & CEO of Wärtsilä Corporation.
Wärtsilä's financial reporting will be adjusted to reflect the new organizational 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.
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