Metso acquires Wartsila company holdings
Metso Corp. will acquire Wartsila’s holding in the MW Power joint venture, upon approval from the European Union competition authorities.
MW Power was founded in 2009, and supplies small- and medium-sized heat and power plants for the European market, focusing on the renewable energy industry. Its most recent projects include a 33 MW wood pellet-fired heating plant in Tampere, Finland, and a biomass-fired boiler at a cheese factory in Lapinlahti, Finland.
Metso currently owns 60 percent of the joint venture; Wartsila owns the remaining 40 percent.
The companies estimate the acquisition will be complete by the end of July. The value of the agreement will not be disclosed.
MW Power currently has a total of 250 employees in Finland, Scandinavia, the Baltic area and Russia, according to Metso.