Metso to continue implementing its strategy by selling its Process Automation
Systems business to Valmet
Metso Corporation's stock exchange release on January 15, 2015 at 9:30 a.m. EET
Metso Corporation and Valmet Corporation have entered into an agreement on the
sale of Metso's Process Automation Systems (PAS) business to Valmet. The
enterprise value of the transaction is EUR 340 million. The divestment is in
line with Metso's new strategy announced in July 2014, under which Metso will
focus on the product and services businesses for the mining, aggregates, and oil
& gas industries. When announcing its new strategy, Metso also stated its
intention of studying alternatives for its Process Automation Systems business.
The PAS business is the market leader in process automation solutions for the
pulp, paper and power industries, with an extensive range of offering covering
automation and quality control systems, analyzers and measurements and related
services. PAS has 1,600 employees in approximately 80 locations around the
world. In 2013, PAS generated net sales of around EUR 300 million.
The transaction, which is estimated to be closed by April 1, 2015, is subject to
approval by competition authorities. Metso expects to book a significant capital
gain after the closing.
"We are very pleased to announce this transaction. It is a logical step and an
important milestone in implementing our new strategy. We are happy that we
could achieve this strategic milestone in a timely manner, thereby allowing
Metso to fully focus on growing its core businesses and also minimizing the
period of uncertainty for the PAS business and people," says Matti Kähkönen,
President and CEO of Metso.
"Metso will continue developing intelligent solutions for its mining, aggregates
and flow control customers. For our pulp, paper and power customers we will
remain a trusted partner through our valve solutions," Kähkönen concludes.
Metso is a leading process performance provider, with customers in the mining,
oil and gas, and aggregates industries. Metso's cutting-edge services and
solutions improve availability and reliability in minerals processing and flow
control, providing sustainable process and profit improvements. Metso is listed
on the NASDAQ OMX Helsinki, Finland. In 2013, Metso's net sales totaled EUR 3.8
billion. Metso employs approximately 16,000 industry experts in 50 countries.
For further information, please contact:
Matti Kähkönen, President and CEO, Metso Corporation, tel. +358 20 484 3001
VP, Investor Relations
NASDAQ OMX Helsinki Ltd