METSO HAS SOLD ITS HOLDING IN SAAB-AUTO TO SAAB IN SWEDEN
Metso Corporation has sold its 50 per cent holding in Oy Saab-Auto Ab to this company's other shareholder, Saab Automobile in Sweden. The parties have agreed not to disclose the selling price.
Oy Saab-Auto Ab, the Finnish importer of Saab, was established in 1990. In 1999, its net sales was approximately EUR 67 million (FIM 400 million) and personnel totaled 20.
Metso Corporation which is global supplier of process industry machinery and systems was created through the merger of Rauma and Valmet Corporation on July 1, 1999. Metso's business areas are fiber and paper technology, automation and control technology and machinery. The pro forma net sales of Metso Corporation was EUR 3.7 billion (FIM 22 billion) in 1998 and personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and New York Stock Exchange.