Metso increases ownership
in pulp and paper machinery Chinese JV
Metso strengthens its presence in the fastest growing pulp and paper
machinery market with increased ownership in Chinese JV.
Metso has concluded an agreement to increase its ownership in the Chinese
joint venture company Valmet-Xi'an Paper Machinery Co. Ltd. from 48.3
per cent to 75 per cent by acquiring all the shares owned by Finnfund,
and part of the shares owned by the other joint venture partner, China
National Building Material Company Group. The agreement is subject to
regulatory approvals and expected to be passed by year-end. As part of
the arrangement, the joint venture acquires ownership of the real estate
it currently operates at.
With this arrangement Metso extends and further strengthens its position
as the leading supplier of machinery and technology to the Chinese pulp
and paper industry.
The Valmet-Xi'an joint venture was established in 1989 with the original
agreement spanning to the end of 2008. To date it has supplied more than
100 medium-size paper and board machines to the Chinese market, as well
as certain machine structures for Metso's deliveries of medium-size and
large machines to China and other countries. The joint venture employs
1,060 people. After the acquisition, Metso's total headcount in China
will be 2,670.
Metso has been systematically strengthening its presence in the Chinese
paper and board machinery market, currently the world's fastest growing.
The total amount of Metso's 2006-2008 investments in China are about EUR
100 million, a large majority of which relates to the paper and board
machinery segment.
Finnfund is a Finnish development finance company that provides long-term
risk capital for profitable projects in developing countries and transition
economies outside the EU.
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