EU clears CSIC-Mutsubishi-Wartsilla jv

Brussels- The European Commission has cleared a EUR75m ($102m) proposed joint venture between China Shipbuilding Industry Corporation, Japan's Mitsubishi Heavy Industries and Wartsila Oyj  to manufacture marine engines. The venture was awaiting approval from the EU on the basis that it would not prove a threat to competition. The clearance will allow the new company, Quingdao Qiyao Wartsila MHI Linshan Marine Diesel Company (QQMDS), to begin production by the end of next year.  [25/04/07]