Metso Automation has agreed to sell its subsidiary, CPS Electronics Inc. to Scanfil Plc of Finland as of September 30, 2003. Divestment of CPS Electronics is part of Metso's efficiency improvement program and according to that Metso divests its non-core functions and products. The parties have agreed not to disclose the transaction price.
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 is located in Tampere, Finland. The number of employees totals approximately 130. Approximately half of CPS Electronics' net sales comes from customers outside Metso.
Scanfil is a global contract manufacturer and systems supplier for the telecommunications and electronics industries. Scanfil has production plants in Finland, China, Estonia, Hungary and Belgium. Scanfil has 1,650 employees. The company is listed on the Helsinki Exchanges.
Scanfil acquires production and know-how which Metso Automation has utilized in its equipment ten years time. Scanfill will continue as important contract manufacturer of industrial electronics for Metso Automation.
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.