(Sina, Sept 29, 2006) Wartsila£¬China Shipbuilding Industry Corporation (CSIC) and Mitsubishi Heavy Industries (MHI) are establishing a joint venture to manufacture large£¬ low-speed marine engines in China.

¡¡¡¡CSIC will hold 50 per cent of the joint venture£¬ Wartsila 27 per cent and Mitsubishi 23 per cent.The investment will total around 75 million euros£¬ spread over several years.Production is scheduled to start during the fourth quarter of 2008.The joint venture will be called Qingdao Qiyao Wartsila MHI Linshan Marine Diesel Co Ltd (QMD).The start-up of the joint venture is subject to final approvals£¬ which are expected to be received by the end of October 2006.

¡¡¡¡¡°Our aim is to better serve the shipbuilding industry in China and thereby strengthen our market position in the low speed engines in rapidly growing Chinese shipbuilding market.The QMD factory is a practical demonstration of our strategy of working through partnerships to bring the aspirations of the partnersotnireality£¬¡± says Mr Ole Johansson£¬ President and CEO of Wartsila.

source:Sina