Stock Exchange release June 5, 2008 01:00:00 PM CET
Metso strengthens its engineering capabilities in India
Metso Corporation Press release on June 5, 2008 at 2.00 p.m.
Metso strengthens its engineering capabilities in India by entering into a joint venture between Metso Power and EPT Engineering Services Pvt. Ltd. Metso will own 51% of the new company, called Metso Power India Private Limited, which will start its operations in July 2008 in Chennai. The new company will support Metso's growth strategy by providing engineering services primarily to Metso Power's global business operations but gradually also to other Metso units. During the first year the company will employ about 50 people.
EPT Engineering Services is one of Metso Power's biggest global engineering subcontractors. The company has extensive engineering know-how both in power and recovery boilers as well as in evaporators, which all are Metso Power's main products.
"This step deepens our successful cooperation and turns it into a partnership. It also enhances our resources to meet the future growth targets," says Lennart Ohlsson, President of Metso Power. Metso Power is a business line within Metso Paper business area.
"We value Metso Power's global presence and high technology know-how, especially in the rapidly growing field of green energy," adds Mr. N. Chandrasekaran, Managing Director of EPT Engineering.
EPT Engineering Services Pvt. Ltd is a multi-disciplinary engineering, procurement, expediting, quality control and project management company. It offers expertise in numerous engineering disciplines including design, detailed engineering and computer aided design to global customers. EPT has over 100 employees in India.
Metso is a global engineering and technology corporation with 2007 net sales of over EUR 6 billion. Its over 27,000 employees in approximately 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:
Lennart Ohlsson, President, Metso Power, tel. +46 70 600 1359
Further information for investors, please contact:
Johanna Sintonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253