In February, Metso Corporation signed an agreement to sell the entire share stock of Valmet Hydraulics Oy, a manufacturer of hydraulic motors, to Denison International plc. The transaction was not consummated as the parties failed to reach an agreement on the fulfillment of all the closing conditions within the stipulated time. Metso has decided, instead of selling Valmet Hydraulics Oy, to continue its operation and development as part of the Gears and Components Group in Metso's machinery business area.
In 1999, the net sales of Valmet Hydraulics totaled EUR 17 million. The amount of the unit's personnel was 112.
Metso's Gears and Components business group (Santasalo Group) develops, manufactures and supplies industrial gears and hydraulic motors and provides related maintenance services. The group provides also designing, manufacturing and expert services to machine construction. In 1999, the net sales of the group totaled EUR 103 million and the amount of personnel was approximately 1,250.
Metso Corporation is a global supplier of process industry machinery and systems. In addition to fiber and paper technology, Metso's business areas are automation and control technology and machinery. The net sales of Metso Corporation totaled EUR 3.4 billion in 1999 and the amount of personnel was approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and New York Stock Exchange.