Wärtsilä - Company Announcement

Wärtsilä's and Metso's joint venture cleared by regulatory authorities - name of the joint venture is MW Power Oy

Wärtsilä Corporation, Company announcement, 14 November 2008, at 1:30
pm (EET)

Wärtsilä and Metso have received the necessary regulatory approvals
from the European Commission to close the joint venture combining
Metso's Heat & Power business and Wärtsilä's Biopower business. The
transaction will be closed on January 1, 2009, according to the
agreement between Wärtsilä and Metso.

The name of the joint venture will be MW Power Oy. Jorma Lehtoviita,
currently Vice President of Metso's Heat & Power business, is
appointed Managing Director. The current Managing Director of
Wärtsilä Biopower Oy, Ilkka Heikkilä, is appointed General Manager,
Finance and Administration."Now that we have received the approvals, we can start integration
planning. The long-term business drivers are positive for us," says
Jorma Lehtoviita, Vice President of Metso's Heat & Power business.
Metso will own 60 % and Wärtsilä 40 % of MW Power Oy. It is estimated
that the consolidated annual pro forma net sales of the company will
be approximately EUR 130 million in 2008. The technologies of the two
companies are complementary. Metso's fluidized bed combustion
technology and Wärtsilä's grate technology enable a solutions
portfolio for a wide range of fuels in power and heating plants.
Wärtsilä and Metso announced in September 2008 that they had signed a
contract to form a joint venture. The company will be one of Europe's
leading providers of medium- and small-scale power and heating plants
with a focus on renewable fuel solutions.
Metso's Heat & Power business unit consists of Noviter Oy and VEÅ AB,
both subsidiaries of Metso Power. The business unit employs
approximately 100 people in Scandinavia, the Baltic countries and
Russia. Metso Power designs and manufactures power generation and
chemical recovery systems for energy producers and the pulp and paper
industry globally.
Wärtsilä Biopower, a part of Wärtsilä Power Plants, supplies and
manufactures biomass-fueled combined heat and power plants and
heating plants. The company employs approximately 100 people in
Finland. Wärtsilä's engine-based power plant business is not affected
by this joint venture and continues to offer a broad range of
fuel-flexible power solutions.

For further information, please contact:

Mr Caj Malmsten
Vice President, Finance & Business Control
Wärtsilä Power Plants
Tel: +358 40 733 2978
caj.malmsten@wartsila.com
Mr Ilkka Heikkilä
Managing Director
Wärtsilä Biopower Oy
Tel: +358 40 820 9186
ilkka.heikkila@wartsila.com
For investor information, please contact:

Ms Josephine Mickwitz
Director, Investor Relations
Wärtsilä Corporation
Tel: +358-400 784 889
josephine.mickwitz@wartsila.com


Wärtsilä in brief
Wärtsilä enhances the business of its customers by providing them
with complete lifecycle power solutions. When creating better and
environmentally compatible technologies, Wärtsilä focuses on the
marine and energy markets with products and solutions as well as
services. Through innovative products and services, Wärtsilä sets out
to be the most valued business partner of all its customers. This is
achieved by the dedication of over 18,000 professionals manning 160
locations in 70 countries around the world. Wärtsilä is listed on the
Nordic Exchange in Helsinki, Finland. www.wartsila.com

Metso in brief
Metso is a global engineering and technology corporation with 2007
net sales of over EUR 6 billion. Its over 27,000 employees in
approximately 50 countries serve customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.  www.metso.com