Wärtsilä Completes Russian Market Exit

Today, Wärtsilä announces that it has completed its orderly exit from the Russian market following its announcement of scaling down activities in April 2022. All adjustments and closures of Wärtsilä’s operations were completed in accordance with local regulations. Throughout the various processes, Wärtsilä’s priority has been ensuring the safety and wellbeing of employees.

Wärtsilä continues to strongly condemn Russia’s invasion of Ukraine. Human rights, safety and prosperity are very important for Wärtsilä. The company has fully committed to complying with all trade sanctions applicable to its operations from the beginning of the war, and it has now ceased all business operations in Russia across all business units.

As part of the exit, the Wärtsilä Digital Technologies (WDT) office in Saint Petersburg has been closed. In accordance with local regulations, a reduced team will conduct final procedures to complete the closure, however all operations have ceased. Wärtsilä has built new R&D capabilities outside of Russia to secure the uninterrupted delivery of customer commitments.

In May/June, Wärtsilä signed agreements to sell the Transas Navigator business and Wärtsilä Vostok LLC to the local management of the companies. Transas Navigator will operate as an independent company and will continue to serve its local customers. Wärtsilä does not provide or deliver any services or parts to the Transas Navigator business following the divestment.

The team previously working for Wärtsilä Vostok LLC continues under a newly established company, V-Vostok LLC, which will continue to provide marine equipment maintenance services locally. Following the divestment, Wärtsilä does not provide maintenance services in Russia.

The financial impact of these divestments is in line with the provisions taken in the first quarter of 2022 and therefore do not have material impact on Wärtsilä’s Q2 financials.

Wärtsilä will publish its Q2/2022 report on July 21.

Reference: Wärtsilä

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Source: Maritime Shipping News