Stock Exchange release June 18, 2002 10:52:38 AM CET
METSO PROPOSES REDUCTION IN UK MANUFACTURING CAPACITY
Metso Minerals is proposing to reorganize its manufacturing capacity in the UK. As a result, a component manufacturing unit located in Charlestown, Cornwall, in the UK is being considered for closure. The factory employs 108 people and had net sales of EUR 7 million in 2001. The factory was transferred to Metso Minerals in September 2001 through the acquisition of Svedala Industri AB from Sweden. Since then Metso Minerals has reorganised and downsized its manufacturing capacity worldwide, most notably in North America.
The Charlestown unit consists of a foundry and associated machine shops, manufacturing primarily casting components for other Metso Minerals' operations worldwide.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket and 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.
For additional information, please contact:
Olli Vaartimo, President, Metso Minerals
Tel. +358 400 864 203
Brian Moseley, Managing Director, Metso Minerals (UK) Ltd.
Tel. +44 1788 532 100