Stock Exchange release June 9, 2000 10:00:00 AM CET


CPS Electronics Inc, a subsidiary in Metso Corporation’s automation and control technology business area, Neles Automation, has made an agreement to manufacture and assemble circuit boards for Enermet Oy, an energy meter manufacturer located in Central Finland. The several years' agreement will increase the annual net sales of Tampere-based CPS Electronics by 20 percent.

Enermet’s circuit board making operations will be transferred to CPS Electronics as a transfer of business, and the production machinery and equipment will be moved to Tampere in June. CPS Electronics will employ 25-30 new employees for manual composition and product assembly. The company’s production facilities will be expanded by approx. 1,000 m2 to reach 6,000 m2. CPS Electronics operates in the same premises in Tampere as its parent company, Neles Automation.

CPS Electronics is a contract manufacturer of electronics, specializing in small and medium-sized series production. It purchases basic components and circuit board bases, automatically and manually composes them, assembles ready products, designs maintenance procedures and performs testing operations. The company’s approx. 140 employees achieved net sales for 1999 of nearly EUR 30 million. More than 50 percent of the net sales of CPS Electronics is based on the deliveries outside Metso Corporation.

Enermet specializes in energy measurements and operations control, and is one of the leading manufacturers of electricity and heat meters and reading systems for automatically measured data. Enermet’s main owners are Industri Kapital’s 1994 capital fund and Fortum Corporation.

Metso Corporation's automation and control technology business area, Neles Automation develops and supplies process automation and flow control solutions for the pulp and paper, refining, petrochemical, chemical and energy industries. In 1999, the business area had net sales of EUR 599 million and 4,350 employees.

Metso Corporation is a global supplier of process industry machinery and systems. Metso’s business areas are fiber and paper technology, automation and control technology, and machinery. The net sales of Metso Corporation were EUR 3.4 billion in 1999 and the personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and the New York Stock Exchange.

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