Loan will fund development

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MARINE and power engineering firm Wärtsilä, which has its UK headquarters in Havant, has been given a £130m loan to fund research, development and innovation activities.

The European Investment Bank granted the loan over 10 years, and means the Finnish firm will continue to develop engines and power plants that are cleaner, more efficient and more reliable.

New maritime emission requirements are expected to increase the demand for more environmentally-sound engines.

Raimo Lind, senior executive vice president and CFO of Wärtsilä Corporation, said: ‘The loan is an important building block in the long-term funding of investments in research and development work.

‘Cutting edge R&D operations are the key to retain the position of the most competitive supplier in a fast changing global market.’