Mitsui E&S and Germany's Everllence mark the 100th anniversary of their marine engine licensing agreement and are deepening their long-standing cooperation. Meanwhile, developments surrounding VW's sale of Everllence could cast a shadow over the companies' future.
Mitsui E&S has reached the 100th anniversary of signing a licensed production agreement for marine engines with Germany's Everllence, and has grown into one of the largest companies in the domestic large marine engine market, with a market share of more than 60%. From an environmental perspective, the company is advancing the development of large engines powered by methanol and ammonia, among other initiatives, while deepening cooperation with Everllence by dividing responsibilities between design and development and manufacturing.
Building on their cooperation to date, the heads of Mitsui E&S and Everllence have emphasised their partnership as one that "creates new value together" and expressed the view that the relationship between the two companies will remain stable going forward. Mitsui E&S has stated that it intends to continue the partnership following the 100th anniversary.
Meanwhile, VW has agreed to sell Everllence to Bain Capital, transferring a 51% stake for €7.4 billion and targeting completion of the transaction by the end of 2026. Everllence's business is centred on large marine engines, but it could be affected by VW's corporate restructuring.
The sale or IPO of the large marine engine business is among the anticipated exit strategies under the fund's ownership, and if a sale to a competing manufacturer goes ahead, it could affect Japan's maritime industry as a whole. Developments are being closely watched alongside the government's shipbuilding strategy.