Finnish energy giant Wärtsilä to write off 200 million euros linked to Russia

Finnish energy equipment manufacturer Wärtsilä intends to write down about 200 million euros related to its assets and operations in Russia, the company said Wednesday.
“Under the current circumstances, it is not feasible for Wärtsilä to continue operations in Russia, so it has decided to further reduce its Russian operations. Adjustments to operations will be made in accordance with local laws. During this process, our priority remains the safety and well-being of our employees,” it says.
All these actions against our business in Russia will also have a negative impact on the operational financial performance of the entire Wärtsilä Group. Russia-related activities accounted for about 5% of Wärtsilä’s net sales in 2021, of which net sales of services amounted to about 40 million euros.
At the moment, the company does not have any even preliminary information about the number of redundancies in Russia.
Wärtsilä is engaged in ship design, propulsion and power plant engineering, integrated electrical and automation systems, emission control systems, gas transportation systems.
The company has been operating in Russia for 37 years, with its head office in St. Petersburg and branches in Moscow, Vladivostok and Murmansk. In 2021, Wärtsilä’s net sales reached 4.8 billion euros and it has approximately 17 thousand employees. The company has offices in more than 200 locations in 68 countries around the world. Wärtsilä shares are listed on Nasdaq Helsinki.