Case: Asia's growing marine markets
The shipbuilding market has gone through major structural changes during the past few years. Most ships are today built in Asian shipyards, and China has emerged as the primary shipbuilding nation. Wärtsilä Ship Power's customer base has become increasingly Asian, which further highlights the importance of Asia to our business.
These developments have led Wärtsilä Ship Power to focus more and more on broadening its presence in Asia, and more specifically, in China. Wärtsilä in China consists today of seven wholly owned ventures, four joint ventures, and several low-speed engine licensees as well. Our manufacturing facilities in China produce Ship Power related products and solutions, such as propellers, auxiliary engines, and thrusters. The relocation of our Ship Power management team to offices in Shanghai, which took place in 2008, further emphasises our commitment to the Asian markets.
We believe in establishing a strong local presence in order to respond to our customers' needs in the best possible way. Therefore, our growth in China is based upon joint ventures. By partnering and growing together with the Chinese, we tailor our global solutions to local needs.