Metso Paper has signed a Letter of Intent with Ecco Development Limited to supply a PM1 newsprint line for Ecco Newsprint's new recycled newsprint mill in Teesside, England. The new mill is planned to be started up in the first quarter of 2009. The Letter of Intent includes an order to start the engineering work. The value of the complete order will be disclosed when the purchase agreement has been signed.
The project is subject to Ecco's execution of a number of related agreements for the financing, construction and operation of the mill, which are well advanced, and which Ecco will announce in the near future. Ecco has already been granted planning consent by Redcar and Cleveland Borough Council permitting construction to start at Ecco's site at Wilton International on Teesside.
Ecco Development Limited, U.K. is a company founded 2004 by Ramsay Hampton, experienced paper industry entrepreneur, to develop, construct and operate recycled newsprint mill in UK.
Metso is a global engineering and technology corporation with 2006 net sales of approximately EUR 5 billion. Its 25,500 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.
For further information, please contact:
Risto Hautamäki, Senior Vice President, Key Customers, Metso Paper, tel. +358 20 484 3101
Johanna Sintonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253
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