1990 Metra is born
The Tohmajärvi district court confirms the merger of Wärtsilä and Lohja.
An extraordinary meeting of Lohja shareholders in December approves the new name of the company, Metra Oy Ab, and appoints a new Board of Directors. Wärtsilä is merged with Lohja. Metra is defined as “an international industrial corporation whose key areas of focus are building-related activities and the diesel engine business”.
1991 The merger carried out
Metra Oy Ab is registered in the Trade Register. The merger is then carried out. Georg Ehrnrooth is appointed President and CEO.
1991 Changes in group structure
The electronics manufacturer Elcoteq Oy Ab is sold to its operative management.
Imatra Steel is created when Ovako AB, an associated company, is split up between its owners, Metra and SKF.
Wärtsilä sells its 35% holding in Valmet Paper Machines Ltd to Valmet. Wärtsilä also sells its power stations in Northern Karelia.
1991 Metra’s shares are listed for trading on the SEAQ system in London Stock Exchange.
1992 Finlux is sold to Nokia in accordance with the letter of intent.
1992 Restructuring building business
Partek and Metra announce a plan to restructure the building materials business. The Lohja business is merged with Partek’s corresponding operations. In 1993 75% of the operations is sold to the Swedish Euroc AB.
1993 Lohja Caravans is sold to a new company set up by investors.
1994 Assa Abloy is established
The Abloy Security division and the Swedish Securitas group’s Lock Group are merged resulting in the establishment of Assa Abloy, in which Metra holds 55% in October. In December Metra’s holding of Assa Abloy is reduced to 48,3%, so that the company ceases to be Metra’s subsidiary.
1994 Metra sells it’s remaining share of the building material business to Partek.
1995 Cummins-Wärtsilä is established
Wärtsilä Diesel and the American Cummins Engine Company Inc. set up a joint venture based on equal ownership to develop and manufacture high-speed 170 and 200 series engines.
1996 Cimcorp Oy (former Wärtsilä Cimtec) is sold to the Swiss Swisslog Group.
1996 AWEK is established
Metra’s patent department becomes an independent company AWEK Industrial Patents Ltd.
1996 Metra and Fincantieri agree on the merger of Wärtsilä Diesel, New Sulzer Diesel and Diesel Ricerche in 1997, the new company will be called Wärtsilä NSD Corporation. This makes Fincantieri a minority (15%) shareholder in Metra’s largest division. The merger also includes a 40% share of Grandi Motori Trieste SpA, of which Fincantieri owns another part.
1996 European Works Council is born
Wärtsilä Diesel signs a co-operation contract with its employees leading to the establishment of a European Works Council.
1997 Wärtsilä NSD is born
Metra Corporation and Fincantieri sign the agreement of diesel function’s merger and Wärtsilä NSD is born.
1998 Demerger plan
Metra plans demerger into three listed companies: a diesel and gas engine company, a bathroom products company and an investment company. The aim is that the Finnish parent companies will be quoted on the Helsinki stock exchange.
Metra postpones the decision on its demerger owing to the deteriorating international economic situation and Wärtsilä NSD’s weak performance. Despite the postponement of the decision on demerger Metra will further increase the independence of its divisions.
1999 Sanitec division is listed on the Helsinki stock exchange.
1999 Changes in Wärtsilä NSD
Wärtsilä NSD acquires Fincantieri’s remaining 60% holding in Grandi Motori Trieste.
Wärtsilä NSD acquires the remaining 40% of Wärtsilä NSD Netherlands BV from Stork NV. The Special Products unit which manufactures military equipment for the Dutch armed forces is sold to Stork NV.
The split-up of the Cummins-Wärtsilä joint venture is announced.
2000 Wärtsilä NSD and John Crane-Lips in the UK sign an alliance on the supply of complete marine propulsion systems.
2000 Fincantieri sells its holding 15.4% in Wärtsilä NSD to Metra. Wärtsilä NSD becomes wholly owned subsidiary of Metra.
2000 Metra reduces its' holdings
Metra reduces it’s holding of Assa Abloy first to 19.8%, so that Assa Abloy is not anymore an associated company. Later in the same year holding declines to 16.4%.
Metra’s holding in Sanitec falls below 50% and Sanitec becomes an associated company. This is carried out in the form of an extra dividend as Sanitec shares to Metra shareholders.
2000 Metra becomes Wärtsilä
An extraordinary meeting of Metra shareholders on 13th September approves the Board of Director’s proposal to rename the group Wärtsilä. On the same day CEO Georg Ehrnrooth resigns. His place is taken by Ole Johansson, president of Wärtsilä NSD. Wärtsilä name becomes official on 22th September when it is recorded in the Finnish Trade Register.
