Published May 28, 2008 15.00.00 +2 GMT
Metso has sold its spreader roll manufacturing business and related assets in Nokia, Finland to a group of Finnish investors. They will operate the business under the name of Finbow Oy. The value of the transaction will not be disclosed. The divestment is not material to Metso.
Concurrently with the divestment Metso and Finbow Oy have agreed upon a supply contract for spreader rolls.
The spreader roll manufacturing business, which is part of Metso Paper business area, employs 20 people. They will transfer to Finbow Oy.
The newly formed company, Finbow Oy, is owned by a group of private persons. Most of them have a long experience from working in the paper industry. The Finbow board of directors will be headed by Heikki Pankamaa.
As of May 28, 2008, Urpo Versta is appointed Managing Director of Finbow Oy.
Metso is a global engineering and technology corporation with 2007 net sales of over EUR 6 billion. Its almost 27,000 employees in approximately 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. www.metso.com
For more information, please contact: Jukka P Koskinen Vice President, Engineering and Technology, Metso Paper Tel. +358 40 512 6191
Heikki Pankamaa Finbow Oy Tel. +358 400 890 828