Corporate acquisitions and divestments
In April Metso sold Metso Works, a company with engineering workshop operations in Pori, Parkano and Loviisa, Finland to Hollming Oy. Metso Works' net sales in 2001 totaled EUR 38 million and its personnel numbered 532.
In September, Metso acquired YIT's shareholding in Scandinavian Mill Service Oy, i.e. 51 percent of the company's shares. After this, Metso owns the entire share capital of Scandinavian Mill Service. The company's net sales in 2001 were EUR 5.3 million and its personnel numbered 140. The acquisition is in line with Metso's aim to expand its scope in daily service operations for the pulp and paper industry.
In November, Metso signed a memorandum of understanding with the Swiss Bobst Group SA for the sale of its Converting Equipment group. The transaction is intended to be completed in the first quarter of 2003. The value of the transaction is approximately EUR 90 million, corresponding to the group's book value in Metso's balance sheet.
In December, Metso signed a memorandum of understanding for the sale of its foundry operations, located in Karlstad, Sweden, to a newly established company, which is owned by Åkers AB and Metso Paper Karlstad AB. Åkers AB will initially hold 51 percent of the shares in the new company, and it has an option to acquire the rest of the shares later.