Waertsilae Rises on China Engine Plant Progress: Helsinki MoverKati Pohjanpalo
Waertsilae Oyj, a Finnish maker of marine engines and power plants, rose the most in three weeks in Helsinki trading after reporting progress with its Chinese ship-engine joint venture.
Waertsilae shares advanced as much as 2.2 percent, the biggest intraday gain since May 8, and added 2.1 percent to 37.12 euros at 1:32 p.m. in the Finnish capital. Trading volume was 23 percent of the daily average over the past three months.
Waertsilae Yuchai Engine Co., the joint venture in which Waertsilae and Yuchai Marine Power Co. each hold 50 percent, started the construction of production facilities in Zhuhai City, in China’s Guangdong Province, the Helsinki-based company said in a statement.
Waertsilae is investing 17 million euros ($22 million) in the joint venture, announced on Dec. 20. Output of the medium-speed marine engines to the Chinese shipbuilding industry will begin next year, the company said.