Stock Exchange release July 26, 2002 02:08:44 PM CET

METSO SELLS THE DUTCH PUMP UNIT TO AMERICAN ITT INDUSTRIES

Metso Minerals, the rock and mineral processing business area of Metso Corporation, has sold Svedala Robot B.V. in the Netherlands to the American ITT Industries effective from July 26, 2002. The unit came into Metso’s possession in September 2001 through the acquisition of Svedala Industri AB from Sweden. The divestment is part of Metso’s post-acquisition integration measures. The sales price will not be disclosed.
 
Robot B.V. is a manufacturer of submersible pumps and pump systems used in wastewater applications. The unit has annual net sales of approx. EUR 10 million and a personnel of approx. 75 people. It is located in Alphen aan den Rijn in the Netherlands. The company was founded in 1954 and acquired by Svedala in 1991.
 
ITT Industries is headquartered in White Plains, New York, USA. The company supplies advanced technology products and services including electronic interconnects and switches; defense communication; opto-electronics; information technology; and fluid and water management. ITT's net sales in 2001 totalled USD 4.7 billion. ITT's shares are traded in the New York, Midwest, Pacific, London and Frankfurt stock exchanges.
 
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.