Wärtsilä Corporation, Stock exchange release, 31 October 2023 at 8:35 EET
Inside information: Wärtsilä begins a strategic review of its Energy Storage and
Optimisation business
Wärtsilä Board of Directors has decided to initiate a strategic review of its
Energy Storage and Optimisation (ES&O) business. The strategic review aims to
assess options that would accelerate the profitable growth of the ES&O business
in a way that benefits its customers, employees, and the value creation for
Wärtsilä shareholders.
As part of this process, all potential alternatives will be considered. Such
alternatives could include different ownership options of the ES&O business from
continued full ownership to potential full or partial divestment of the business
or other possible strategic alternatives. Wärtsilä continues to be committed to
develop and invest in the ES&O business during the strategic review and remains
fully committed to its customers throughout the process.
On a twelve-month rolling basis, the ES&O net sales by the end of Q3 2023
amounted to EUR 983 million. On the same twelve-month rolling basis, the
business turned to profitability.
“We have made solid progress in our Energy Storage and Optimisation business and
the market continues to show remarkable growth. Thus, this is an opportune
moment for us to assess future options and define the best way to support the
growth of the business and create shareholder value,” says Håkan Agnevall,
President and CEO of Wärtsilä.
Wärtsilä Board of Directors has not set a timetable for the completion of the
strategic review. Wärtsilä will disclose the progress and conclusions of the
review according to applicable disclosure laws and regulations.
For further information, please contact:
Hanna-Maria Heikkinen
Vice President, Investor Relations
Tel. +358 10 709 1461
hanna-maria.heikkinen@wartsila.com
For press information, please contact:
Saara Tahvanainen
Executive Vice President, Communications and Marketing
Tel. +358 40 589 0223
saara.tahvanainen@wartsila.com
Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions
for the marine and energy markets. We emphasise innovation in sustainable
technology and services to help our customers continuously improve their
environmental and economic performance. Our dedicated and passionate team of
17,500 professionals in more than 240 locations in 79 countries shape the
decarbonisation transformation of our industries across the globe. In 2022,
Wärtsilä's net sales totalled EUR 5.8 billion. Wärtsilä is listed on Nasdaq
Helsinki. www.wartsila.com