ThyssenKrupp Automotive AG has informed Metso Corporation that it does not intend to use its option to acquire the remaining 90 per cent of Valmet Automotive's shares by the end of 2003. ThyssenKrupp Automotive currently ownes 10 per cent of Valmet Automotive. ThyssenKrupp Automotive continues, however, to be interested in Valmet Automotive and Metso and ThyssenKrupp Automotive have agreed to continue negotiations in 2004.
Valmet Automotive, a part of Metso Corporation, is a contract manufacturer concentrated in the development and manufacture of demanding specialty cars. According to Metso's strategy car manufacturing is not the Corporation's core business and the target has been to find a strategic partner to Valmet Automotive.
ThyssenKrupp Automotive AG is one of the biggest automotive suppliers with annual net sales of EUR 6,1 billion. The company has more than 120 factories in 16 countries, and their customers are the leading car manufacturers worldwide. ThyssenKrupp Automotive employs approximately 41,000 persons.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2002, the net sales of Metso Corporation were EUR 4.7 billion and the personnel totaled approximately 28,500. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.