Metso and Wärtsilä’s MW Power joint venture – a specialist in biomass-fired district heating and CHP – is poised to pass entirely into Metso’s ownership.
Wärtsilä (OMX: WRTBV) aims to ditch its 40% holding to give Metso (OMX: ME01V) full ownership of MW Power by the end of July 2012, if the move is approved by EU competition authorities. The value of the deal has not been disclosed.
MW Power, set up in 2009, already operates within Metso’s corporate structure, said Metso.
‘In the future, Metso will develop MW Power's business as part of its comprehensive power generation solutions offering for the international market,’ said Jyrki Holmala, president of Metso's Power Business line.
MW Power supplies small- and medium-sized heat and power plants for the European market with a focus on renewable energy. Its main customers are municipalities, process industries and utilities. The company has 250 employees across Finland, Scandinavia, the Baltic area and Russia.
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