METSO AND V.I.B SYSTEMS ESTABLISH JOINT VENTURE COMPANY IN PAPER MACHINE TECHNOLOGY

Metso Corporation’s fiber and paper technology area Valmet, its automation and control technology area Neles Automation and the German V.I.B Systems GmbH have received the approval of the competition authorities in Finland and Germany for their letter of intent signed in March to set up a joint venture to develop moisture profile products used in the manufacture of paper. Metso's automation and control technology will own 51 per cent and V.I.B Systems 49 per cent of the new joint venture company.

The new company will combine paper technology know-how and process knowledge in paper machine automation with specialization in moisture profile products, creating a platform for developing next-generation sheet conditioning solutions. These will enable embedding of measurement, control and actuation directly into the papermaking process, allowing closer control over final product quality and cost-efficiency of the process. The new joint venture company, called V V N Solutions GmbH, will be based in Frankfurt.

V.I.B Systems is a world leader in sheet conditioning systems used in the papermaking process. It is located in Frankfurt, Germany and in Atlanta, Georgia, USA.

Metso Corporation is a global supplier of process industry machinery and systems. Metso's business areas are fiber and paper technology, automation and control technology and machinery. The net sales of Metso Corporation was EUR 3.4 billion in 1999 and personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and New York Stock Exchange.