METSO'S SALE OF TIMBERJACK TO DEERE & COMPANY HAS BEEN CLOSED
Metso Corporation's sale of its forest machine group, Timberjack to Deere & Company has been closed. Of the price, EUR 600 million has been paid today, on the closing date, April 28, 2000 as Timberjack's worldwide operations were transferred to Deere & Company. The final price will be determined by Timberjack's financial statements on the closing date.
Metso Corporation is a global supplier of process industry machinery and systems. In addition to fiber and paper technology, Metso's business areas are automation and control technology and machinery. The net sales of Metso Corporation was EUR 3.4 billion in 1999 and personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and New York Stock Exchange.