Metso and Wärtsilä have agreed that Wärtsilä's holding in their MW Power joint venture will be acquired by Metso. Metso currently owns 60 percent and Wärtsilä 40 percent of MW Power. The arrangement is subject to permission from the EU competition authorities. The owners estimate completion by the end of July 2012. The value of the agreement will not be disclosed.
Founded in 2009, MW Power 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 European market, and focuses on renewable fuel solutions. Its main customers are municipalities, process industries and utilities. The company has a total of 250 employees in Finland, Scandinavia, the Baltic area and Russia.
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