As announced in June 2004, ThyssenKrupp Automotive has decided to give up its shareholding in Valmet Automotive. Metso Corporation has reacquired, in accordance with the original agreement, ThyssenKrupp's 10 percent minority shareholding in Valmet Automotive. The transaction price will not be disclosed. The transaction will not have any effect on Metso's fourth quarter results as Metso has already reversed during the second quarter 2004 EUR 5 million of the originally booked approximately EUR 10 million gain from the 2001 sale of the 10 percent stake.
Valmet Automotive manufactures Porsche Boxster sports cars for the German Porsche AG on the basis of a long term cooperation agreement made in 2001. Valmet Automotive will continue as a supplier of car industry contract manufacturing in cooperation with European partners in the field.
Valmet Automotive, a part of Metso Corporation, is specialized in the contract manufacturing and development of demanding specialty cars. Valmet Automotive will continue its work to search for manufacturing agreements for new car models.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket 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 2003, the net sales of Metso Corporation were EUR 4.3 billion. Metso has approximately 23,000 employees in over 50 countries. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.