WÃ¤rtsilÃ¤ said today that it has signed a ten year extension to a license agreement with Hyundai Heavy Industries’ Engine and Machinery Division to build WÃ¤rtsilÃ¤ low-speed engines. The agreement, signed at a ceremony on February 28 in Ulsan, South Korea, extends the partnership until at least 2021.
WÃ¤rtsilÃ¤ says that HHI’s Engine and Machinery division has been a licensee of WÃ¤rtsilÃ¤ since 1975, building more than 22,800 MW of WÃ¤rtsilÃ¤ licensed engines.
“With the renewed agreement we have a strong platform for intensifying our fruitful co-operation, and promoting our products to the future generation of ocean-going merchant ships,” said Martin Wernli, President, WÃ¤rtsilÃ¤ Switzerland and Vice President, Product Centre 2-stroke.
Under the terms of the newly signed agreement, HHI is licensed to manufacture and sell the full range of WÃ¤rtsilÃ¤ RTA, RT-flex, and X-series low-speed marine diesel engines within its specified territory.
“At HHI we are happy to sign the renewal of the license agreement and see the smooth continuation of the long-standing business relationship and fruitful co-operation between the two companies” added JH Kim, Sr. Executive Vice President and Chief Operating Officer of HHI Engine and Machinery Division.