Finland

As of May 17, 2021, Iowa's Public Employee's Retirement System lists Poyry on its Iran Scrutinized Companies List.

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As of August 15, 2019, the state of Iowa listed Poyry on its Iran scrutinized companies list.

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In 2019, AF Poyry was listed on the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code.  
 

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In 2018 the U.S. state of Iowa listed Poyry as an Iran restricted company rendering Poyry ineligible for investment and/or state contracting.

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Pöyry announced its “Bronze” sponsorship of the Iran Power Investment Summit 2016, which took place at the Parsian Esteghlal International Hotel in Tehran on November 1-2, 2016.  (Pöyry Website, “All Events”). 

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On October 25-26, 2016,  Pöyry took part in a delegation of Finnish officials and businesses that took place in Tehran.  (EK (Helsinki), “Iran kansainvälisten yritysten huomion keskipisteessä,” 10/20/2016). 

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In 2007, Pöyry struck a €7 million deal with SEPASAD Engineering Co. for “engineering services duing the implementation of the Rudbar-e-Lorestan hyropwer project.”  (NASQAD Global Newswire, “Pöyry Awarded Eur 7 Million Hydropower Contract in Iran,” 6/18/2007). 

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In 2003, Pöyry was contracted “to perform the detailed engineering design of the Sharyar Dam” in northwest Iran.  (Pöyry Website, “Ostour Dam & Hydropower Project, Iran”).

Comptel is listed as an exhibitor at the Iran Telecom Innovations Conference that took place from September 25-28, 2016, in Tehran, Iran. (Iran Telecom Innovations Website, “Exhibitor List”).

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Comptel took part in a delegation of Finnish officials and businesses that took place in Tehran on October 25-26, 2016 and participated in a “Team Finland” delegation to Iran in October 2015.  (EK (Helsinki), “Iran kansainvälisten yritysten huomion keskipisteessä,” 10/20/2016; Tehran Chamber of Commerce, Industries, Mines & Agriculture, “Team Finland Visit to Iran,” 10/26/2015).

Cormet is listed as an exhibitor at the 13th International Exhibition of Iran METAFO, which is taking place at the Tehran International Permanent Fairground from November 24-27, 2016. (Iran Metafo, “List of Exhibitors”). The Iranian Mines & Mining Industries Development & Renovation (IMIDRO) is listed as a sponsor and exhibitor at this exhibition. IMIDRO is the full parent to Mobarakeh Steel Company (MSC), Esfahan Steel Company (ESC), Khouzestan Steel Company (KSC) and the Iranian Aluminum Company (ARALCO). IMIDRO owns 100% of each of these entities. All four companies are listed as sponsors of METAFO. In addition, IMIDRO owns 43.5% of IRITEC, which is also a METAFO sponsor. (Iran Metafo, “List of Exhibitors”).

"Finnish mining technology company Outotec will pull out of Iran due to the new U.S. sanctions, a company spokeswoman said on Monday.

Outotec, which builds plants, makes equipment and offers services for the metal and mineral processing industries, has a long history in Iran and it remained in the market after the United States instituted sanctions against Iran in 2010.

Its business started to normalise after the 2015 nuclear deal with Iran, helping Outotec to book orders from National Iranian Copper Industries Company (NICICO) and Iran International Engineering Company (IRITEC).

The latest sanctions against Iran follow U.S. President Donald Trump’s decision to pull out of the nuclear deal with Tehran. The new sanctions have forced companies across Europe to reconsider their investments there." (Reuters, "Mining tech firm Outotec to pull out of Iran -spokeswoman," 9/24/18)

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Outotec was removed from the May 15, 2019 Iowa Public Employees' Retirement System Iran Prohibited Companies List.

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In 2019 Outotec was removed from the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  

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In 2018 Outotec was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  
 

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In 2017, CalSTRS designated Outotec OYJ as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Outotec OYJ after reviewing the company’s business with Iran and internal controls to prevent sanction violations.

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"Finnish mining technology company Outotec is yet to decide on leaving the Iranian market, the company's Tehran office announced." 5/30/2018. 

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Finnish mining technology company Outotec expects order intake from Iran to slow after U.S. President Donald Trump’s order to reimpose sanctions on Tehran, the company’s finance chief said on Thursday.CFO Jari Algars told Reuters by email that, if project financing was not available, future orders would decline: “Reinstating the sanctions would not stop business, but it will complicate it and slow it down.” Asked if Outotec was considering leaving the market, Algars said it was “too early to say”. During the sanctions, Outotec made so-called “stop and go” deals in Iran, where it was paid in increments and delivered accordingly, Algars said." (5/17/2018)

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In 2017 the U.S. state of California listed Outotec as a company under review for providing products and expertise for copper smelting in Iran.

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In 2018 the U.S. state of Iowa listed Outotec as an Iran restricted company rendering Outotec ineligible for investment and/or state contracting.

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"Outotec has agreed with National Iranian Copper Industries Company (NICICO) on the delivery of two sulfuric acid plants for the Sarcheshmeh and Khatoon Abad copper smelters in the Kerman province in Iran. The value of the orders, approximately EUR 50 million, has been covered by a confirmed Letter of Credit and booked in Outotec's Q4/2016 order intake. Outotec's scope of delivery includes engineering, main process equipment and instrumentation for the acid plants as well as spare parts and supervisory services for installation and commissioning. Outotec's deliveries will take place in mid-2018." (Outotec Website, "Outotec to Deliver Two Sulfuric Acid Plants to Iran," 1/18/2017). 

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"The executive vice president of the Finnish Outotec sees the prospect of relationships with Iranian companies in the field of mineral industry. The Finnish company has been present in the Iranian market as of the 1970s and today, ties with Iranian companies is strengthening, Adel Hattab told the Tehran Times. Outotec Oyj is a Finland-based company active within the mineral industry, providing process solutions, technologies, and services for the mining and metallurgical industries. “We have been here working in Iran since 1976. We are working within the steel and copper value chain. We look forward to working the within zinc, aluminum, gold and many other commodities,” he said." (Tehran Times, "Finnish Outotec Oyj sees ties with Iran solidifying," 11/22/2016).

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Outotec and Outotec Engineering are listed as attendees at the Iranian Base Metals Conference that took place from September 6-7, 2016 in Tehran, Iran. (Iranian Base Metals Conference Attendees, 2016).

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"Finnish company Outotec has been awarded a contract by Shangdong Province Metallurgical Engineering Co., known as SDM, for the delivery of process equipment to the Iron Concentrate Project Sangan in northeastern Iran. The Iranian Mines and Mining Industries Development and Renovation Organization owns the Sangan mines and SDM is their engineering partner. The contract value is approximately €10 million and the order has been booked in Outotec's 2016 second quarter order intake...The new iron processing plant will process annually 5 million tons of ore. The equipment will be delivered mostly during the second quarter of 2017." (Financial Tribune, "Finnish Firm to Supply Process Equipment to Iran Mine," 7/28/2016)

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"Finland's engineering group Outotec has been awarded a contract for the delivery of technology to set up a new iron ore beneficiation plant in northeast Iran, the company says. The plant owned by Khorasan Steel Complex Co will have a capacity to produce 2.5 million metric tons of pellet feed grade iron ore concentrate per year, expected to be commissioned in 2017. Under an order worth 45 million euros by Iran International Engineering Company (IRITEC), Outotec will provide process technology for 'a complete beneficiation plant and an entire value chain from raw material testing, process development to concentration and dewatering'. The company will be also responsible for basic engineering, and supply of key process equipment, as well as advisory services for detail engineering, construction and commissioning, Outotec said. 'This order is another significant milestone for Outotec in the quickly developing Iranian iron and steel industry,' Kalle Härkki, head of Outotec's Minerals Processing business area, said. The order is similar to one awarded by Bafgh Mineral Complex Iron and Steel Industry Company to Outotec in June to establish an iron ore pelletizing plant in Iran's central Yazd province." (Press TV, "Finland’s Outotec wins Iran iron ore deal," 9/3/2015)  

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"Finland's engineering group Outotec has won an order for design and delivery of technology and services for an iron ore pelletizing plant in Iran, the company has said. Bafgh Mineral Complex Iron and Steel Industry Company in Iran's central Yazd province has awarded Outotec as part of its greenfield investment program to build a new plant to produce 5 million metric tons of iron ore pellets a year. Outotec said the parties have agreed not to disclose the contract value but such projects normally range between $87-$109 million, depending on scope and specification. The Finnish group said its work in the project includes providing the technology license, basic engineering of the pelletizing plant, detailed engineering and supply of proprietary and key equipment and automation, as well as advisory site services for installation, commissioning and start-up. The company said the new plant is expected to become operational in 2018. Platts quoted head of Outotec's Europe, Middle East and Africa region Adel Hattab as saying that the company's pelletizing technology was selected due to its strong track record in Iran. 'Our technologies are widely used in the Iranian iron ore and copper operations, as Outotec has delivered sustainable technologies to Iran since 1970s,' he said. Hattab said Outotec was currently executing several other projects in Iran." (Press TV, "Finland Firm Wins Iran Pelletizing Project", 6/6/15)

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Outotec reportedly participating in the Iran Mines & Mining Industries Summit, being held in Tehran May 31-June 1, 2015. (IMIS Website, “List of companies participating in IMIS”)

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"Deputy Ministry of Industry, Mines and Trade Mehdi Karbasian said many European companies lost the chance of cooperation with Iran in the past but now Iran's mines and mining industry enjoys a high quality of which foreign companies can take advantage. Speaking in a meeting with Thomas Schwalm, deputy of the Finnish-German Outotec Company, Karbasian said establishment of Outotec representative office in Iran will facilitate technical and economic relations of the two sides... During the meeting Thomas Schwalm announced readiness of his company to supply Iran's mines and mining industry projects with the required technology." (IRNA, "Iranian mines, mining industry suitable for foreign companies," 12/5/14) 

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"Finnish mining technology company Outotec signed a deal with Iranian Mines and Mining Industries Development and Renovation (IMIDRO) worth €9.3 million to transfer Nepheline syenite production technology. The deal was signed on Saturday and the technology will be transferred over the course of eight months, Iran's IRNA news agency reported on November 23. The industrial use of Nepheline syenite includes refractories, glass making, ceramics and, in pigments and fillers. It is also used as construction facade, interior wall texture, and countertops. The project is aimed to produce 200,000 tons of alumina powder and 150,000 tons of industrial salts per year. Iran needs around 800,000 tons of alumina powder annually." (Trend, "Iran’s IMIDRO signs €9.3M deal with Outotec," 11/23/14) 

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"Outotec has been awarded multiple orders, worth a total of Eur265 million ($326 million), for technology deliveries to National Iranian Copper Industries Co.'s copper and molybdenum projects in Iran, the Finnish engineering group said Tuesday.Outotec will deliver technology and services to NICICO's Khatoon Abad copper smelter, Miduk copper concentrator expansion, Nowchun copper and molybdenum concentrator and Sarcheshmeh copper concentrator expansion. Outotec 'makes thorough examinations and works closely with the concerned authorities to ensure that its activities and technology deliveries are compliant with the restrictive measures against Iran,' the company said. In anticipation of possible future changes in the regulatory framework, the orders will be booked in Outotec's order backlog gradually during 2012-16 according to each year's overall progress of the particular project. Around Eur58 million of these contracts will be booked in Outotec's third-quarter order intake with the revenues recognized gradually during 2012-16, the company said." (Platts, "Finland's Outotec gets orders for Iran copper/molybdenum projects," 7/10/12)

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"Outotec has been selected by Gol-E-Gohar Mining & Industrial Co. to design and provide technology for an iron ore pelletizing plant located in the Kerman province of Iran. The plant's annual capacity is approximately five million tonnes iron ore pellets. Outotec's scope of delivery includes technology for a traveling grate pelletizing plant, engineering, key process equipment and advisory services. A local contractor will be responsible for civil works and local supply. The value of equivalent deliveries for comparable plant sizes is approximately EUR 80-85 million." (Reuters, "Press Release: Outotec to deliver iron ore pelletizing technology to Gol-E-Gohar, Iran," 4/18/12)

Reuters article dated June 9, 2017, specifically citing Cargotec, which reports, “Western manufacturers are shying away from supplying equipment for an Iranian port that India is developing for fear the United States may reimpose sanctions on Tehran, Indian officials say…”  (Reuters, “India’s plan to develop key Iranian port faces U.S. headwinds,” 6/9/2017). According to the article, “Konecranes (KCRA.HE) and Cargotec (CGCBV:HE) have told India Ports Global Pvt Ltd, which is developing the deepwater port in [Chabahar, Iran], they were unable to take part in the bids as their banks were not ready to facilitate transactions involving Iran due to uncertainty over U.S. policy…”  (Id.).

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Cargotec is a cargo handling company that provides services for industrial, marine, harbor, and on-road cargo. Cargotec is based in Helsinki and had 2.6 billion euros in total sales in 2009. As of 2007 it is the world’s second largest crane manufacturer.

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"A European machinery company that has received more than $1 billion in U.S. government contracts is coming under scrutiny after pictures emerged this week of its cranes being used to publicly execute individuals in Iran. The company, Cargotec, acknowledged to the Washington Free Beacon on Wednesday that its equipment is being used to publicly hang Iranian prisoners, but maintained that it is not responsible for directly selling the equipment to the Islamic Republic... Cargotec, via a Texas-based subsidiary called Kalmar, has long partnered with the U.S. government to provide equipment mainly to the Pentagon. These contracts have totaled around $1.21 billion as of November 2015, according to records compiled by the Federal Procurement Data System. Photographs of a Cargotec crane being used for an execution earlier this week were first published by Iranian-controlled websites and prompted criticism from groups such as United Against a Nuclear Iran, which has been waging a pressure campaign to stop companies from providing this type of equipment to Iran... 'We have seen numerous examples over the years of the Iranian regime using the cranes of brand-name companies to publicly execute people,' said Matan Shamir, UANI's executive director. 'Cargotec should follow the lead of other responsible companies and end its Iran business given the exploitation of its products to commit such egregious abuses.' A spokesman for Cargotec said that the company is 'sad' to see its products being used to help the Iranian regime execute its citizens. 'We are aware of the unfortunate situation where cranes have been used in public executions in Iran,' the spokesman said via email. 'We are naturally extremely sad to see these pictures and strongly judge this kind of action and behavior.' ... Criticism from groups such as United Against a Nuclear Iran has focused on companies such as Cargotec that also hold U.S. government contracts. These critics maintain that both the U.S. government and these companies should work harder to prevent Iranian human rights abuses. 'Given its lucrative business with the U.S. military, Cargotec should be even more sensitive to doing business with an avowed enemy of the United States that is responsible for killing hundreds of American soldiers,' said Shamir." (Free Beacon, "U.S. Contractor’s Cranes Being Used to Hang Iranians," 11/12/15) 

Reported to be conducting and servicing business with Iranian banks. (Avi Jorisch, "Iran's dirty banking," 2010)

"Swiss engineering group Liebherr and Finland’s Konecranes (KCRA.HE) and Cargotec (CGCBV.HE) have told India Ports Global Pvt Ltd, which is developing the deep water port, they were unable to take part in the bids as their banks were not ready to facilitate transactions involving Iran due to the uncertainty over U.S. policy, the two officials said in separate conversations with Reuters." (June 2017)

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Konecranes is a Finnish construction equipment company and "world-leading lifting equipment manufacturer serving manufacturing and process industries, nuclear industry, shipyards and harbors with productivity enhancing lifting solutions and services." In 2009, Konecranes had a sales total of 1.67 billion euros (Company Website). 

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Konecranes sells cranes through an Iranian dealer, Sepahan Lifter (Company Website). 

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Konecranes owns an American crane company, Morris Materials. Hoist Magazine, a trade journal, reported that Morris sold crane kits to the Iran-based Arian Company, which generated $900,000 in sales in the year 2000 alone ("Morris Firms Relationships in Middle Eastern Region"). 

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The British-Iranian Chamber of Commerce notes that Alperton Ltd, a British engineering company, operates dealerships for Morris cranes in Iran (BICC). 

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Konecranes operates a joint venture, Crane Industrial Services LLC, with the UAE-based Kanoo Group. The shipping arm of the Kanoo Group has extensive business interests in Iran (Kanoo Shipping Agencies). 

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In addition to their wide application in the petrochemical, oil, natural gas, and nuclear industries, Iran has used overhead cranes to publicly execute political prisoners ("Khomeini fatwa led to killing of 30,000 in Iran"). 

Nokia Market Head for Middle East and Africa, Amr K. El-Leithy, identified Iran as one of the Middle Eastern markets that Nokia was looking to develop. (The Daily News, “Nokia focuses on LTE, development of government services to increase market share: Nokia Market Head for Middle East and Africa,” 4/5/2016).

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Senior Nokia managers arrived in Iran with the Finish Minister for Foreign Trade and Development to hold talks with senior Iranian officials about trade between the two nations. (Ministry of Foreign Affairs of Finland, “Minister for Foreign Trade and Development of Finland, Ms Lenita Toivakka, leads a Team Finland visit to Iran,” 12/3/2015).

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Board control is held by Nokia, with Nokia President and CEO Olli-Pekka Kallasvuo serving as company Chairman.

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"The executive board of network-equipment vendor Nokia Siemens Networks said it has decided not to take on any new business in Iran and will gradually reduce its existing commitments, effective Jan. 1, 2012. In a letter to its staff in Iran, the Helsinki-based joint venture cited toughening global sanctions against Iran that 'make it almost impossible for Nokia Siemens Networks to do business with Iranian customers.' The Wall Street Journal obtained a copy of the letter... The action by the company—a joint venture between Nokia Corp. and Siemens AG—ramps up economic pressure on Iran, which has a growing mobile-phone industry that the government controls... An article on page one of the Journal in October documented the growth in Huawei's business in Iran after Western companies, including NSN, pulled back following the government's bloody crackdown on its citizens two years ago... In its letter, NSN said there were "serious concerns" over whether the shareholding structures of some of its Iranian customers meant the venture was prohibited from doing business with them under international sanctions. NSN said it was monitoring the situation 'continuously.'... It also said that sanctions on financial institutions have made it difficult for NSN to transfer money out of Iran for about a year... NSN, which has about 400 employees in Iran, announced last month it would cut nearly a quarter of its global work force of 74,000 in a broad restructuring to focus on mobile broadband... The venture came under fire in 2009 after Siemens disclosed that NSN had provided Iran's largest telecom, government-owned Telecommunications Co. of Iran, with a monitoring center capable of intercepting and recording voice calls on its mobile networks... NSN had also provided network equipment to TCI's mobile-phone operator, as well as another operator, MTN Irancell, that permitted interception... NSN sold its global monitoring-center business in March 2009. The company also established a human-rights policy to reduce the potential for abuse of its products." (The Wall Street Journal, "Nokia Siemens Venture to Reduce Its Business in Iran," 12/14/2011)

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"An imprisoned Iranian activist [Isa Saharkhiz] is suing Nokia Siemens Networks (NSN) over allegations that the telecommunications company provided the Islamic regime with a monitoring system it used to spy on the opposition Green movement.... Saharkhiz, who is still in detention, discovered during his interrogation in Tehran's Evin prison that his whereabouts were revealed when security officials listened in to his mobile phone conversations using technology NSN allegedly sold to Iran, his son Mehdi told the Guardian." (The Guardian, "Iranain activist sues telecom firm over 'spying system,'" 8/24/2010)

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As of June 29, 2010, USASpending.gov now lists that Nokia Siemens has received nearly $26.7 million from the U.S. government, with the overwhelming majority of those funds ($23 million) coming from the Department of Defense (USASpending.gov, 6/29/10).

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"Nokia Siemens also continues to provide services to two cellphone companies in Iran. The company spokesman also said that “Forty million people in Iran have gotten cellphones over the last couple of years.” Between 2000 and March 2010, Nokia Siemens received $21.5 million in U.S. federal funds (The New York Times, “Profiting from Iran, and the U.S.”, 3/6/10).

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On June 22, 2009, amidst the post-election unrest in Iran, The Wall Street Journal reported that in 2008, the Nokia Siemens Networks had sold equipment to Iran that contributed to the Iranian regime’s ability to monitor and censor Internet, voice and mobile communications.

The “monitoring center [Lawful Interception Gateway (LIG)],” sold to the government’s telecommunications monopoly TCI (Telecommunications Company of Iran), intrinsically provides the regime “the capability to intercept any communications that runs over them.” The equipment also has lawful uses, such as “intercepting data for the purposes of combating terrorism, child pornography, drug trafficking and other criminal activities carried out online.”

Reportedly, the Iranian government began to make extensive use of this technology during the post-election unrest. The regime likely used the equipment to perform “deep packet inspections,” allowing the government to monitor online communications such emails, Internet phone calls, Facebook, Twitter, Instant Messaging, etc (The Wall Street Journal, “Iran's Web Spying Aided By Western Technology,” 6/22/09).

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Nokia Siemens Networks (NSN) is a multinational telecommunications, hardware, software, and services company working with communication system providers in 150 countries (Company Website. “About Us”).

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Nokia and Siemens created the jointly-owned subsidiary in 2006, merging their respective network infrastructure divisions. The 50/50 joint venture is incorporated in the Netherlands and headquartered in Finland (Ovum, “Siemens and Nokia to merge network infrastructure divisions,” 6/19/2006). 

According to his LinkedIn page, Mohammad Sanki is the current managing director of KONE-authorized distributor, Saba Service Asanbar, in Tehran, and branch manager of KONE-authorized distributor, Sabalift, in Khorasan, Iran.

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According to its website, “KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance…In 2009, KONE had annual net sales of EUR 4.7 billion and approximately 34,000 employees” (Company website).
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Kone lists Saba as its authorized distributor in Iran. (Company website)

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“Saba Engineering Co. is the exclusive representative of all the production of KONE Co. in Iran and supplies all type of Elevator, Escalators, Auto walks and ramps.” (Iranian Distributor website)
 

"The technology group Wärtsilä will supply engineering and equipment deliveries for two baseload power plants to Iranian energy companies Baran Niroo Beshel Co. and Tamin Niroo Saam Co. This is a breakthrough project as Wärtsilä is supplying the first decentralised power plants of its kind to Iran, showing results from our efforts to support the Iranian power generation market in its transition towards more flexible and smarter technologies." (July 2017)
 

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"Wärtsilä and Industrial Development & Renovation Organization of Iran (IDRO), the largest industrial corporation in Iran have signed a Memorandum of Understanding (MoU) on October 29th. The MoU was signed in connection to the President of Finland Mr. Sauli Niinistö’s recent visit to Iran. With this agreement, both parties agree to cooperate on the development of decentralized power generation in Iran, including power plant operations and maintenance services and related liquefied natural gas (LNG) infrastructure. Wärtsilä will provide relevant expertise and resources to support IDRO in its objective to improve the infrastructure and develop the Iranian industry. In a second phase this cooperation will be extended to the marine sector and the Iranian shipping industry... “With this agreement, Wärtsilä is showing its commitment to support the development of the Iranian industry and power generation sector, on the basis of a mutually beneficial relationship,” says Javier Cavada, President of Wärtsilä Energy Solutions." (Wärtsilä Website, "Wärtsilä and IDRO sign cooperation agreement to develop power generation in Iran | Wärtsilä Website" 11/14/2016).

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"UANI (United Against Nuclear Iran, a US-based organisation that seeks to prevent Iran acquiring a nuclear weapons capability) has called on Wärtsilä to end its, according to UANI, 'irresponsible' business activities. UANI says that Wärtsilä, through its agents and licensees, provides technology and marine diesel engines to Chinese shipbuilders that are currently building oil tankers for the Iranian regime. It says that: 'Wärtsilä’s activities are of particular concern given that the international community is attempting to isolate Iran via its shipping industry, and new tankers greatly assist the regime in attempting to overcome such efforts.' In a letter to Wärtsilä President & CEO, Björn Rosengren, UANI CEO, Ambassador Mark D. Wallace, wrote: 'Earlier this year, UANI launched its Shipping Campaign to compel international shippers, classification societies, P&I clubs and governments worldwide to cease their [Iran] business…In response to UANI’s campaign, members of the International Association of Classification Societies…ceased their classification of Iranian vessels... For example, Wärtsilä has reportedly supplied engines for IRISL vessels, and stated that it maintains an agent in Iran to handle future business with power plant and shipbuilding clients.' The letter mentions Wärtsilä’s involvement in 12 VLCCs being built in China for NITC. It says: 'Put simply, Wärtsilä is assisting the Iranian regime’s development of its most lucrative economic sector, the revenues from which go directly to fund the regime’s nefarious activities, including its nuclear program. In addition, Wärtsilä’s business in Iran includes a partnership with the Iran Heavy Diesel Engine Mfg Co... Wärtsilä’s apparent partnership with DESA is clearly unacceptable.' Wärtsilä has been requested to reply to the letter by 21 December, making its intentions clear with respect to its dealings with Iran." (The Motorship, "Wärtsilä under fire in US over Iran links," 12/19/2012) 

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"Wartsila Corporation, a Finnish manufacturer of ship engines, has built power plants in Iran and in 2002 supplied engines for Islamic Republic of Iran Shipping Line (IRISL) container ships. IRISL is a state-owned shipping company which was later blacklisted by the United States for facilitating the transfer of military cargo to Iran. Wartsila also has received federal contracts to provide, among others, engine parts to the Coast Guard. A Wartsila spokesman,  Atte Palomaki, said that the company operates in full compliance with sanctions, as it did when it supplied engines to a German shipyard building IRISL ships. "At that time IRISL was not on any blacklist," he said, adding that since then  the company has not supplied IRISL with any engines, nor would it because of the blacklisting. He said the company does have an agent in Iran who is paid on a commission basis to service other power plant and shipbuilding customers, but characterized the company's sales efforts there as a "minor activity." As the United States lobbies for tough new sanctions, Mr. Palomaki said Wartsila is keeping a watchful eye on the situation and its business in Iran: "We have concerns in the sense that the U.S. Navy is an important customer for us," he said. "We want to be very careful."

From 2000-2009, the company was the recipient of $95.4 million US federal funds.  Their business in Iran is currently active.  (The New York Times, "Profiting from Iran, and the US", 3/6/2010)

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The enormous New York State Common Retirement Fund plans to divest $86.2 million in investments from nine companies doing business in Sudan and Iran...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries."We don't expect our investments to benefit regimes that support genocide and terrorism," said DiNapoli. The fund plans to divest out of $86 million in Gazprom (OGZPY), Inpex (1605.TO), Lukoil (LUKOY), Oil And Natural Gas Corp (500312.BY), OMV (OMVKY), Petroleo Brasilia (PBR), Statoil (STO), Wartsila OYJ and Sinopec Corp. DiNapoli said the firms were chosen because "they failed to respond or we were not satisfied with their responses" when asked to provide information to the fund on the investments and their risks. (Wall Street Journal, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09)