The Finnish manufacturer of marine power equipment Wartsila has completed the process of leaving Russia, the company’s press service reports.
„All adjustments and closures of Wartsila’s operations have been made in accordance with local regulations. Throughout the various processes, Wartsila’s priority has been to ensure the safety and well-being of employees,” the statement said.
It is noted that in the spring the company signed agreements on the sale of Russian business – Wartsila Vostok LLC (Wartsilya Vostok LLC) and Transas Navigator (Transas Navigator LLC) – to local management.
Transas Navigator will operate as an independent company and continue to serve Russian customers. Wartsila itself will stop providing services to this company and supplying spare parts.
Wartsila Vostok LLC, engaged in the maintenance of ship equipment, will continue to operate as a legal entity of V-Vostok LLC. Wartsila also stopped providing maintenance services to the company in Russia.
As part of the exit from the Russian Federation, Wartsila closed its office in St. Petersburg. The company plans to carry out staff reductions in accordance with local legislation. Wartsila has also set up new R&D facilities outside of Russia to ensure the continuity of its commitments to its customers.
In April, Wartsila announced its intention to write off 200 million euros related to assets and business operations in Russia. Previously, she suspended deliveries, sales, orders and trading in the Russian Federation. As noted in the message, the decision will have a negative impact on the financial performance of Wartsila, since its activities in Russia form up to 5% of annual profit, or 40 million euros.
Wartsila specializes in the production of ship power plants, power plants, screw mechanisms, ship control systems and other equipment. The company has more than 200 offices in 68 countries. In 2021, the campaign generated net sales of €4.8 billion.