By
Michele Witthaus |
Marine solutions provider Wärtsilä has signed a ten-year extension to its licensing agreement to build Wärtsilä low-speed engines for its Korean partner, Doosan Engine Co. Ltd.
The agreement renewal with Doosan Engine, the second biggest engine manufacturer in the world, covers the period from 2012 to 2021. Doosan Engine and its predecessors, Korea Heavy Industries and Samsung Heavy Industries, have been licensees of Wärtsilä since 1984, producing almost 400 engines with a total power of over 20,000,000 BHP over this period.
Under the terms of the agreement, Doosan Engine will manufacture and sell Wärtsilä low-speed marine diesel engines within its specified territory. The licence covers all of Wärtsilä’s RTA, RT-flex engines, as well as the new X-Engine, a fuel-efficient, eco-friendly engine model being developed jointly by Doosan Engine and Wärtsilä.
“We are very pleased to renew this agreement with our business partner in Korea. Doosan Engine is a major global producer of large marine diesel engines, and this agreement strengthens our partnership in promoting Wärtsilä brand low-speed engines in the territory,” said Martin Wernli, President, Wärtsilä Switzerland and Vice President, Product Centre 2-stroke. “Our expectations are high for increasing our market share in the Korean market, and we are confident that by extending this agreement for a further ten years, our goals can be achieved,” he added.
President and CEO of Doosan Engine Co. Ltd, Sung-Hee Lee, commented: “By renewing this licence agreement, both companies will continue their close co-operation in providing the latest technology low-speed engines to the rapidly changing shipbuilding market. It is a win-win growth opportunity for both companies, and will certainly strengthen their market positions.” The agreement was signed at a ceremony held on 7 November 2011 at the headquarters of Doosan Engine in Changwon, South Korea.