- October 24, 2003, PRESS RELEASE
HELSINKI, FINLAND—Metso Corp. reports it has agreed on the sale of its converting group to Swiss Bobst Group for an estimated 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.
According to Metso, the divestment is a part of the Finnish company's strategy to focus on its core businesses—pulp and paper technology, rock and minerals processing, and process automation. The memorandum of understanding about the divestment was signed in November 2002, adds the mfr.
Metso's converting group comprises four business units, which are located in England and Italy. With approximately 800 employees, the converting group has been operating with the product names Valmet, Atlas, General, Titan and Rotomec. "In 2002, the net sales of the group were EUR 160 million," states Metso. Visit Metso at metso.com.
Bobst Group supplies products and services to the folding carton, corrugated board, and flexible packaging industries. Learn more about Bobst at bobstgroup.com.