METSO SIGNS AGREEMENT TO SELL ITS HYDRAULIC MOTORS MANUFACTURING
Metso Corporation has signed an agreement to sell the entire share stock of Valmet Hydraulics Oy, a manufacturer of hydraulic motors, to Denison International plc. The sale should be completed during the first quarter of the year. The price has been agreed at 17 million EUR.
The sale is a step in the realization of Metso's new strategic intent to concentrate on business areas serving process industries. Valmet Hydraulics supplies its products mainly for mobile agricultural and forest machines. Its operations are located in Jyskä, Finland where it has 112 employees. The company had a net sales in 1999 of 17 million EUR.
Denison International plc designs, manufactures, distributes and services highly engineered fluid power systems and components. Its main operations are located in Ohio, USA and in Germany, France and Finland. The net sales of Denison International totaled 135,5 million USD in 1999 and it had 1000 employees. Denison International is listed on Nasdaq (Nasdaq: DENHY).
Metso Corporation was created through the merger of Rauma and Valmet Corporations on July 1, 1999. Metso's business areas are fiber and paper technology, automation and control technology, and machinery. The net sales of Metso Corporation totaled EUR 3.4 billion in 1999 and it had approximately 23,000 employees. Metso Corporation is listed on the Helsinki Exchanges and the New York Stock Exchange.