Stock Exchange release October 30, 2003 11:01:33 AM CET
Metso Minerals' goodwill impairment to a large extent tax-deductible
Metso Corporation has today received a decision from The Tax Office for Major Corporations in Finland regarding the goodwill impairment of EUR 205 million in Metso Minerals. According to the decision, EUR 175 million of the goodwill impairment has been accepted as tax-deductible. The corresponding tax benefit of EUR 51 million can be recognized in the fourth quarter of 2003. The cash flow impact of the tax-deductibility is estimated to materialize in 2003 and 2004.
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.