Stock Exchange release January 27, 2009 11:00:00 AM CET
Valmet Automotive to manufacture Garia Golf Car
Valmet Automotive's press release on January 27, 2009, 12:00 a.m. local time
Valmet Automotive has established a partnership with a Danish company Garia A/S to engineer and manufacture a luxury golf car. The manufacturing of the electric vehicle, Garia golf car, will begin in Uusikaupunki, Finland in the 3rd quarter of 2009 and the car will arrive on the market in September 2009.
The cooperation includes an annual production of a few thousand Garia golf cars in the coming years. The car will be manufactured at Valmet Automotive on a new separate body and assembly line. Valmet Automotive will invest some 2 MEUR in the production process.
The Garia golf car is developed by Garia A/S. Also Valmet Automotive is involved in the product development and is responsible for program management, supplier management, logistics and the manufacturing of the car. Some 50 persons will be employed in the project at Valmet Automotive. The Garia golf car order is the second electric vehicle order for Valmet Automotive within a short period of time.
Mr Ilpo Korhonen, President of Valmet Automotive says that the agreement with Garia A/S is an important new field for Valmet Automotive in providing engineering and manufacturing services.
"Garia A/S shares our ideas of achieving full customer satisfaction by providing individual solutions and top quality to the market. The cooperation with Garia A/S is a clear sign of the agility and flexibility of Valmet Automotive on the changing markets. Garia is an electric vehicle and its design, construction and materials represent the newest trends in automotive industry."
"I am proud that we now have an agreement with Valmet Automotive. Valmet meets our demanding requirements for professionalism and is a well-known and recognized manufacturer of high-end cars. This is the first time a golf car is manufactured on a car production line, which allows us to use the exact same high quality standards already in place", says Mr. Søren Bak, CEO of Garia A/S.
Garia A/S was founded in Copenhagen, Denmark in 2005 with the sole purpose of developing the world's most exclusive golf car, which would respond to the most stringent customer requirements for design and technology. The car will be introduced between August 31st and September 2nd in Las Vegas and then later in the year in the Middle East. The first deliveries are expected in September.
Valmet Automotive is a provider of automotive engineering and manufacturing services of premium cars. In nearly 40 years the company has produced over 1,000,000 high-quality vehicles in Finland. The cars have been delivered worldwide. Today Valmet Automotive manufactures Porsche Boxster and Porsche Cayman for Porsche AG. The manufacturing of Fisker Karma hybrid vehicle will start in the 4th quarter of 2009. The company is a part of Metso Corporation.
For further information, please contact:
Ilpo Korhonen, President, Valmet Automotive, tel. +358 20 484 8002 (from noon until 3:00 p.m.)
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.