Valmet makes offer for Beloit's paper machine service assets
Published Jan 06, 2000 00.00.00 +2 GMT
Metso Corporation's fiber and paper technology business area, Valmet, has today made an offer to purchase certain assets of the American paper machine manufacturer, Beloit, whose parent company Harnischfeger Industries is subject to Chapter 11. The offer includes Beloit’s roll cover division, paper machine aftermarket business assets and the related paper machine technology. The annual net sales of the businesses included in the offer are estimated to be approximately USD 200 million. The Division employs about 800 people in the USA and France.
The value of Metso’s offer is approximately USD 160 million. The offer will be handled under Harnischfeger’s Chapter 11 process and will be accepted in the Bankruptcy Court. The deal also needs the approval of the competition authorities. The whole process is expected to take some weeks.