Helsinki: Finnish engine giant Wärtsilä has outlined plans to radically shift its operations to China amidst a protracted order downturn. Wärtsilä, whose ship motors propel one in three of the world's vessels, climbed the most in 15 months in Helsinki yesterday trading on a plan to cut 1,400 jobs and shift some manufacturing from Europe to China.
Two propeller and component-manufacturing plants in the Netherlands and another site in Finland will close, the Helsinki-based company said.
The measures will move the majority of propeller and auxiliary-engine building to China, following relocation of Wärtsilä's ship-power unit's senior management to Shanghai in 2008.
"China has become a strong maritime center and its growth will continue," Chief Executive Officer Ole Johansson said in a statement. "By developing our manufacturing footprint and our businesses for the future key markets, Waertsilae will further improve its competitiveness." [20/01/10]
Copyright © 2023. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
