Metso agrees sale of Converting Group to Bobst

Metso Corporation has agreed on the sale of its Converting group to Swiss Bobst Group for an estimated amount of EUR 75 million, with the final price being determined on the balance sheet values at the closing date.

The regulatory approval processes have been initiated immediately. The Converting group will be integrated into the Bobst Group at the end of this process, which is expected to be completed at the end of December 2003.

The divestment is a part of Metso's strategy to focus on its core businesses - pulp and paper technology, rock and minerals processing and process automation. The memorandum of understanding about this divestment was signed in November 2002.

Metso's Converting group comprises four business units, which are located in England and Italy. The Converting Group has been operating with the product names Atlas, General, Midi, Rotomec and Titan. In 2002, the net sales of the group were EUR 160 million and it has approximately 800 employees.