HELSINKI, Finland, Oct. 15, 2002 (PRIMEZONE) -- On October 3, 2002, Metsa Tissue Corporation received permission from Poland's Ministry of the Interior to purchase 9.9 per cent of the shares of the Polish tissue company, Zaklady Papiernicze w Krapkowicach S.A. (ZPK). The shares were transferred to Metsa Tissue's ownership on October 11, 2002, bringing its stake in ZPK up to 50.3 per cent. The cost of the acquisition is based on the (100%) debt-free value of the whole of ZPK, which is approximately EUR 10 million. ZPK will be included in Metsa Tissue's consolidated financial statements from October 2002 onwards. The acquisition will have no material impact on Metsa Tissue's earnings per share for 2002.
Metsa Tissue is vigorously developing all areas of its business operations. The development processes currently under way are aimed at substantially raising productivity, developing even better products and making marketing more efficient.
In Poland, Metsa Tissue is seeking to raise the converting capacity of its production plants at Krapkowice and Warsaw, to improve product quality and to at least double productivity. Around EUR 15 million will be invested in developing business in Poland over the next two years.
Metsa Tissue's long-range target in Poland is market leadership. At present, the company has almost 20 per cent of the Polish market in terms of volumes delivered, and is the biggest supplier to the Polish consumer market. Metsa Tissue's leading brand names in Poland are Mola on the consumer market and Katrin on the away-from-home market.
METSA TISSUE CORPORATION
Hannu Anttila President and CEO
For more information:
Hannu Anttila, President and CEO tel. +358 10 469 4959, gsm +358 50 2398, and Timo Suuriniemi, Chief Financial Officer tel. +358 10 469 4580, gsm +358 50 560 8271
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