Wartsila has extended its licensing agreement with its Korean partner Doosan Engine for a further ten years in order to build Wartsila low-speed engines.
As per the deal, the licensee is authorised to build and sell Wartsila low-speed marine diesel engines within its specified territory.
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The company said that a full range of Wartsila RTA, RT-flex and X-series marine engines are included under the deal.
The licence agreement has been extended from 2012 to 2021.
Doosan Engine president and CEO Sung-Hee Lee said, “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. “
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By GlobalData
