Wartsila Oyj Abp Sells its Share in Joint Venture with Metso Oyj

Wartsila Oyj Abp announced that together with Metso Oyj it has agreed that Wartsila will sell its 40% share in the joint venture MW Power Oy to the other joint venture party Metso Oyj. The closing of the transaction will require relevant regulatory approvals by the European Union, which are expected by the end of July 2012. The value of the agreement will not be disclosed. After the closing of the transaction, MW Power will be wholly owned subsidiary of Metso. Wartsila will follow its strategy and focus on engine-based power plant solutions. Wartsila and Metso signed a contract in September 2008 to form a joint venture combining Metso's Heat & Power business and Wartsila's Biopower business. According to the contract, Metso owned 60% and Wartsila 40% of the joint venture.