Guangzhou: Wartsila and Yuchai Marine Power, a subsidiary of Yuchai Group, have signed an agreement in Zhuhai to establish a 50/50 joint venture for manufacturing medium-speed marine engines in Zhuhai of Guangdong province.
Wartisla will invest about EUR17m in the joint venture which is scheduled to start operation in 2014, and will serve the increasingly dominant Chinese shipbuilding industry, with the focus being on the assembly and testing of three Wartsila model engines. The joint venture is subject to approval by the relevant authorities.
“The joint venture is another step forward in Yuchai’s strategy to grow our business through partnership with international market leaders,” said Yan Ping, chairman of Yuchai Group. [21/12/12]
