Stock Exchange release May 27, 2003 12:52:03 PM CET

Metso Paper plans to reduce its personnel in the Nordic countries by 300 people

Metso Corporation's fiber and paper technology business area, Metso Paper, plans to improve its operational efficiency by reducing the number of its personnel in Finland and Sweden by approximately 300 people by the end of 2003.
The personnel reduction is related to the renewal of Metso Paper's operating model, targeting at a clear improvement in operational efficiency and profitability in the current market situation. The focus of Metso Paper's operations will be transferred to new, growing market areas and closer to the customers by strengthening resources especially in China and South America. The new focus will result in changes in the organizational structure in the Nordic countries and in North America.
Negotiations with the personnel in the various locations in Finland and Sweden will be started during the coming weeks. In Finland, mainly Metso Paper units in Järvenpää, Jyväskylä, Turku, Karhula, Valkeakoski and Pori will be subject to the reductions. In Sweden, the negotiations will start in Karlstad and Sundsvall.
It is estimated that the majority of the personnel reductions will be completed by the end of 2003 or early 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.