Finnish group Wartsila has unveiled another round of restructuring for its shipping operations that will see the gas solutions business sold off.
The engine maker and technology company said the move is part of a bid to streamline its organisation and reporting structure.
The shake-up also involves the merging of the Marine Systems division into Marine Power.
The gas solutions division, previously under Systems, is a leading provider of gas processing equipment for vessels.
“However, the business unit has limited synergies with the rest of Wartsila’s marine product portfolio,” the company said.
Revenue for the gas operation was €293m ($315m) in the 12-month period on 30 September.
The scrubber and shaft line solutions units will be transferred from Systems to Power on 1 January next year.
At the same time, Marine Power will change its name to Wartsila Marine, with Roger Holm continuing as president.
Meanwhile, Tamara de Gruyter, the current president of Marine Systems, will retain her position as an executive vice president and become a member of the Wartsila management board, focusing on divestments.
2022 shake-up
The change comes after a previous restructuring in 2022 that saw the Voyage shipping software division merged with Marine Power after heavy financial provisions.
The unit made big write-down provisions after the group exited its Russian operations following the invasion of Ukraine in February of last year.
Voyage president and management board member Sean Fernback left the company. He was replaced by Hannu Mantymaa, 45, the vice president of performance services at Marine Power.
Wartilsa’s net profit in the third quarter rose to €82m from €3m a year ago, while revenue climbed to €1.45bn from €1.43bn.
