OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices
Wärtsilä announced it will reorganize its marine business into three independent entities, with the objective to accelerate strategy execution and simplify the business structure.The new businesses, consisting of Marine Power, Marine Systems and Marine Voyage, will be operational as of July 1, 2020.
Finland-based technology group Wärtsilä said it has divested 100% of its shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital L.P., based in New York. The transaction was closed Thursday.“Wärtsilä is focusing on creating a stronger and simpler core whilst making sure the non-core businesses get an opportunity under a new ownership to be able to drive their business success and