Stock Exchange release May 15, 2007 10:06:00 AM CET
Metso signs a Letter of Intent for a newsprint line with Ecco of U.K.
Metso Paper has signed a Letter of Intent with Ecco Development Limited to supply a PM1 newsprint line for Ecco Newsprint's new recycled newsprint mill in Teesside, England. The new mill is planned to be started up in the first quarter of 2009. The Letter of Intent includes an order to start the engineering work. The value of the complete order will be disclosed when the purchase agreement has been signed.
The project is subject to Ecco's execution of a number of related agreements for the financing, construction and operation of the mill, which are well advanced, and which Ecco will announce in the near future. Ecco has already been granted planning consent by Redcar and Cleveland Borough Council permitting construction to start at Ecco's site at Wilton International on Teesside.
Ecco Development Limited, U.K. is a company founded 2004 by Ramsay Hampton, experienced paper industry entrepreneur, to develop, construct and operate recycled newsprint mill in UK.
Metso is a global engineering and technology corporation with 2006 net sales of approximately EUR 5 billion. Its 25,500 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.
For further information, please contact:
Risto Hautamäki, Senior Vice President, Key Customers, Metso Paper, tel. +358 20 484 3101
Johanna Sintonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253
It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for customer industry profitability and investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits and cost savings, and statements preceded by "expects", "estimates", "forecasts" or similar expressions, are forward-looking statements. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company.
Such factors include, but are not limited to:
(1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating environment and profitability of customers and thereby the orders received by the company and their margins
(2) the competitive situation, especially significant technological solutions developed by competitors
(3) the company's own operating conditions, such as the success of production, product development and project management and their continuous development and improvement
(4) the success of pending and future acquisitions and restructuring.