HELSINKI, Finland, Sept. 2, 2002 (PRIMEZONE) -- Metso Paper has today agreed to acquire YIT Installaatiot Oy's shareholding in Scandinavian Mill Service Oy, i.e. 51 percent of the company's shares. Scandinavian Mill Service becomes thus fully owned by Metso Corporation (NYSE:MX). The acquisition is part of the development of the Metso Future Care business concept and supports Metso Paper's aim to expand its scope in the daily service operations within the pulp and paper industry. The acquisition price is not disclosed.
Scandinavian Mill Service specializes in the paper industry service and maintenance operations. The company's net sales in 2001 were EUR 5.3 million. During 2002, the operations have grown strongly, and the company employs today 140 people in Finland, Sweden and Norway. YIT and Metso founded Scandinavian Mill Service Oy in 1999.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket and services. The corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2001, the net sales of Metso Corporation were EUR 4.3 billion and the personnel totaled approximately 30,000. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.