Finnish marine technology firm Wärtsilä is selling off its gas solutions business as part of the move to further streamline its organisation.
The company said its provider of gas processing systems has limited synergies with the rest of its marine product portfolio.
The unit, which delivered net sales of around €293m between Q4 2022 and Q3 2023, is expected to be moved to the portfolio business in preparation for a divestment.
Wärtsilä also plans to slim down its reporting segments to simplify its reporting structure. Exhaust treatment and shaft line solutions business units will be moved from Wärtsilä Marine Systems to Wärtsilä Marine Power in January next year, with the marine systems unit being discontinued as a reporting segment.
Wärtsilä Marine Power will be known as Wärtsilä Marine as of January 1, 2024, and led by Roger Holm, currently president of Marine Power and executive vice president. Tamara de Gruyter will continue as executive vice president and member of the Wärtsilä board, focusing on the divestments of the portfolio businesses.
Following these changes, Wärtsilä will have two reporting segments – Marine and Energy.