OREANDA-NEWS. December 21, 2011. Russian Zvezdochka Shipyard and Finland’s Wartsila plan to sign in February-March 2012 a joint venture agreement, the shipbuilding company CEO Vladimir Nikitin said.

“Zvezdochka is a multipurpose enterprise, mastering a variety of production areas not just in the field of the naval fleet. We are engaged in manufacturing modern of propeller-rudder systems and rudder propellers," Interfax quoted Mr. Nikitin as saying.

Zvezdochka Shipyard will create on the basis of its propeller production a center of propulsion systems manufacturing. The center will combine the production capabilities of the Severodvinsk shipyard and its affiliates (Design Bureau "Screw" and pilot plant "Vega").

Severodvinsk-based Shipbuilding Center ‘Zvezdochka’ is a diversified enterprise specializing in ship building and repairs, construction of offshore platforms and manufacturing of different types of propellers. The firm is majority owned by Northern Shipbuilding and Ship Repair Center, part of JSC United Shipbuilding Corporation.

Helsinki-headquartered Finnish company Wдrtsilд is a global leader in complete lifecycle power solutions for the marine and energy markets. In 2010, Wдrtsilд's net sales totaled EUR 4.6 billion with 18,000 employees. The company has operations in 160 locations in 70 countries around the world. Wartsila is listed on the NASDAQ OMX Helsinki, Finland.