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 (HEL:MEO1V) Metso Corporation Press release on October 14, 2008 at 3.00 p.m.
Metso will acquire G & F Beltline Services Pty Ltd (Beltline), a provider of conveyor belt installations and maintenance services to the mining industry based in Jandakot, Western Australia. The seller is a private family trust. The value of the deal is approximately EUR 7 million. The company will be transferred to Metso and integrated into Metso Minerals' Mining business line on October 15, 2008. The transaction provides Metso with a belt fabrication shop in Jandakot and four service workshops close to Western Australia's mining activity. The shop fabricates conveyor belts and auxiliary equipment and is able to handle belt reels and jobs of any size and complexity. Metso looks forward to continuing servicing the belt lines for Beltline's current mining customers and to expanding the installed base further. Furthermore, Metso intends to apply the acquired service network and resources for further strengthening its overall services and offering towards the mining industry in Western Australia.
Approximately 90 employees are expected to transfer to Metso. The new work force will allow, for instance, the expansion of Metso's consultation, training and monitoring services in Australia. Beltline was established in 1985 and its annual net sales is approximately EUR 11 million.
The acquisition is a part of Metso's profitable growth strategy to develop its services business. Metso's target is to enhance lead times and efficiency of deliveries, enabling larger order intake of capital equipment and major projects.
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: John Trescot, SVP, Mining - Asia-Pacific, Metso Minerals, tel. +86 10 6566 6600 Ext. 3610
This announcement is originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
