Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Metso Corporation (NYSE:MX) Metso Corporation Press release on May 28, 2008 at 3.15 p.m.
Metso has sold its spreader roll manufacturing business and related assets in Nokia, Finland to a group of Finnish investors. They will operate the business under the name of Finbow Oy. The value of the transaction will not be disclosed. The divestment is not material to Metso.
Concurrently with the divestment Metso and Finbow Oy have agreed upon a supply contract for spreader rolls.
The spreader roll manufacturing business, which is part of Metso Paper business area, employs 20 people. They will transfer to Finbow Oy.
The newly formed company, Finbow Oy, is owned by a group of private persons. Most of them have a long experience from working in the paper industry. The Finbow board of directors will be headed by Heikki Pankamaa.
As of May 28, 2008, Urpo Versta is appointed Managing Director of Finbow Oy.
Metso is a global engineering and technology corporation with 2007 net sales of over EUR 6 billion. Its over 27,000 employees in approximately 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. www.metso.com
Further information for the press, please contact: Jukka P Koskinen, Vice President, Engineering and Technology, Metso Paper, Tel. +358 40 512 6191 Heikki Pankamaa, Finbow Oy, Tel. +358 400 890 828
