China State Shipbuilding Corporation (CSSC) has entered into a joint venture agreement with Finnish engine designer Waertsilae for the take-over of Waertsilae's two-stroke engine business, which was first announced last July, has now been finalised. Government and merger control approvals were received last month and the company is now split with majority shareholder CSSC holding 70% with the remaining share going to the Finns. The new company will be renamed Winterthur Gas & Diesel Ltd. (WinGD) with the head office of the new company remaining Winterthur, Switzerland. The company has subsidiaries in China, South Korea and Japan.
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