HELSINKI, Finland, March 15, 2002 (PRIMEZONE) -- Metso Corporation (NYSE:MX) has signed a contract to sell Metso Works, a company with engineering workshop operations in Pori, Parkano and Loviisa, Finland, to Hollming Oy. It is expected that Metso Works' businesses will be transferred to Hollming in April 2002. The sale is in line with Metso's strategy of expanding from a traditional machine supplier to a comprehensive supplier of services and the customers' core processes. The parties have agreed not to disclose the acquisition price.
Metso Works is a contract manufacturer of machinery and equipment, supplying the business units of Metso Paper and Metso Minerals, as well as several outside customers. Metso Works' net sales in 2001 totaled EUR 38 million and its personnel numbered 532.
Hollming Group operates in metal industry and shipping business. It's three business divisions are commercial refrigerators manufacturing (Norpe Ltd.), metal industry outlet (Kankaanpaeaen Konepaja Ltd., Auramarine Ltd. and Robotiikka Ltd.) and shipping (Crystal Pool Ltd.). The Hollming head office is situated in Rauma, Finland. Group's net sales in 2001 totaled EUR 120 million and its personnel numbered 770.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The Corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2001, the net sales of Metso Corporation were EUR 4.3 billion and the personnel totaled approximately 30,000. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.