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Bobst to buy Valmet Converting

Finland’s Metso Corp has signed a memorandum of understanding of its intention to sell its Valmet Converting operations to the Bobst Group. The deal, valued at around €90M, is due to be completed during the first quarter of 2003, subject to the relevant regulatory approval processes.

The planned divestment of the Valmet Converting Group is part of Metso’s strategy to focus on its core businesses in the pulp and paper industry, rock and mineral processing, and process automation.

A statement says: “The senior management of Valmet Converting would like to emphasise that at this stage, the announcement concerns a memo of understanding but it is expected that these negotiations will be brought to a conclusion within the next few months. Valmet Converting will continue to pursue its existing business strategy and meet existing objectives for the months ahead. Day-to-day operations continue as normal and Valmet Converting continues to be part of Metso Paper, until the successful closing of the transaction.”

More information from: Roger Astell,Valmet Converting – TEL: +44 (0)1234 852553. EMAIL: roger.astell@valmet.com WEBSITE: www.valmetconverting.com