Stock Exchange release November 7, 2002 01:07:41 PM CET
METSO HAS NO MATERIAL PENDING ASBESTOS LITIGATION IN THE UNITED STATES
Due to the ongoing public debate, Metso Corporation has conducted a study on possible asbestos claims brought against it. The study confirms the earlier estimation that Metso has no asbestos related claims in the United States that are expected to have a material negative effect on the company's operations, financial condition or results of operations. The following claims were, however, identified in the study:
Claims have been brought against Metso's U.S. subsidiary Neles-Jamesbury Inc., part of the Metso Automation business area, relating to valves previously manufactured by Neles-Jamesbury. Out of the total of 270 claims, 75 claims have been dismissed in the relevant court and 51 claims have been settled for an average compensation of USD 551 per person. The remaining 137 claims are still pending but their outcome is not expected to materially deviate from the outcome of the previous claims. In the remaining claims, Metso is one of numerous defendants.
Two claims have been brought against Metso's U.S. subsidiary Metso Minerals Industries Inc. (formerly, Svedala Industries Inc.), which is part of the Metso Minerals business area. One of the claims has been dismissed. In the remaining claim, Metso is one of the 22 defendants and the claim is not expected to have a material adverse economic effect on Metso.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The Corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2001, the net sales of Metso Corporation were EUR 4.3 billion and the personnel totaled approximately 30,000. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.