The acquisition by Metso Corporation's fiber and paper technology business area, Valmet, of the service and aftermarket assets of the American paper manufacturer Beloit has been closed. The price has been paid, as agreed, on the closing date, May 11, 2000 as the businesses were transferred to Metso Corporation.
Metso Corporation's fiber and paper technology business area Valmet is the world's leading supplier of technology, systems and equipment for the pulp, paper, converting and panelboard industries. In 1999, Valmet's net sales was EUR 1.7 billion and it had a personnel of 10,600.
Metso Corporation is a global supplier of process industry machinery and systems. In addition to fiber and paper technology, Metso's business areas are automation and control technology and machinery. The net sales of Metso Corporation was EUR 3.4 billion in 1999 and personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and New York Stock Exchange.