Metso Corp has agreed on the sale of its Valmet Converting group to Bobst for an estimated €75M (the final price will be determined by the balance sheet values at the closing date). Completion of the deal, subject to regulatory approval, is expected to be at the end of December.
Metso originally signed a memorandum of understanding of its intention to sell last November. It says the divestment is part of its strategy to focus on its core businesses – pulp and paper technology, rock and minerals processing and process automation.
The Valmet Converting group comprises four business units located in the UK and Italy. Its well know brands inc;ude Atlas, General, Midi, Rotomec and Titan. The group has a total of approximately 800 employees, and its net sales In 2002 were €160M.
Bobst claims to be the world’s leading supplier of products and services for the folding carton, corrugated board and flexible packaging industries, with a sales and service network in more than 50 countries.
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