Posted on November 2, 2023
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.
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