Wartsila has signed a joint venture agreement with the Russian company Transmashholding (TMH) to manufacture modern and multipurpose diesel engines in Russia. The engines, including a new version of the Wartsila 20 engine, will be used in shunter locomotives and for various marine and power applications. The two companies will jointly engineer the railway application. Wartsila's investment in the joint venture is approximately US$38 million, and production of the engines is planned to start in 2012, Wartsila and TMH will also evaluate broadening the activities of the joint venture to include the development and manufacturing of other diesel engine models in the future. The closing of the agreement is subject to the relevant regulatory approvals, which are expected during the coming months.
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