Stock Exchange release October 22, 2003 07:03:59 AM CET
Metso has reached an agreement of the sale of its Converting group to Bobst Group
Metso Corporation has agreed on the sale of its Converting group to Swiss Bobst Group for estimated amount of EUR 75 million with the final price being determined on the balance sheet values at the closing date. The regulatory approval processes have been initiated immediately. The Converting group will be integrated into the Bobst Group at the end of this process, which is expected to be completed at the end of December.
The divestment is a part of Metso's strategy to focus on its core businesses - pulp and paper technology, rock and minerals processing and process automation. The memorandum of understanding about the divestment was signed in November 2002.
Metso's Converting group comprises four business units, which are located in England and Italy. The Converting Group has been operating with the product names Atlas, General, Titan and Rotomec. In 2002, the net sales of the group were EUR 160 million, and it has approximately 800 employees.
Bobst Group is the world's leading supplier of products and services for the folding carton, corrugated board and flexible packaging industries. A wide range of products is manufactured in various countries and marketed through a dedicated sales and service network in more than 50 countries. Bobst Group SA is listed on the SWX Swiss Exchange.
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 2002, the net sales of Metso Corporation were EUR 4.7 billion and the personnel totaled approximately 28,500. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.