Metso to divest its Tampere foundry to TEVO
(Thomson Reuters ONE) -
Metso to divest its Tampere foundry to TEVO
Metso Corporation's press release on December 19, 2014 at 11:00 a.m.EET
Metso has concluded the study related to Tampere foundry announced in 2013. As a
result Metso will divest the Tampere foundry to a Finnish company TEVO. The new
owner will continue the foundry operations under the TEVO-Lokomo name at the
foundry's current premises in Tampere.
All 128 people currently employed by the foundry will continue with their
current employment contracts. Completion of the divestment is expected to occur
on March 1, 2015. The value of the transaction will not be disclosed.
"Operations at the Tampere foundry are of good quality, and it fits well to our
strategy to serve both TEVO's and Lokomo's customers with a wider product
offering for example in the offshore industry. TEVO has earlier this year
started a unique development project related to arctic propellers together with
Aker Arctic and VTT. The steel foundry knowhow supports this project. The
foundry operations together with our propeller manufacturing unit in Turenki,
Finland make TEVO an internationally recognized player in the industry", says
TEVO's managing director Teuvo Joensuu.
"I am happy that the foundry operations will continue in Tampere. Divestment
offers a great starting point for developing the foundry operations as part of
TEVO", says Juha Silvennoinen, President, Services business area, Metso.
In addition to the Tampere foundry, Metso has currently five foundries and an
extensive network of external casting suppliers serving the mining and
aggregates industries. Our foundries are located in Ahmedabad, India; Isithebe,
South Africa; Prerov, Czech Republic; Quzhou, China and Sorocaba, Brazil.
TEVO is a family-owned business originally from Raahe in Western Finland, and
has been in business for over 40 years. TEVO is an internationally operating
heavy-duty machine engineering workshop, whose business has expanded from steel
and paper industries to offshore and shipbuilding industries. TEVO specializes
in complex steel structures and specialty welding. Own product offering consists
of bronze propellers for sea-going vessels and specialty rolls for paper
industry as examples. After the completion of the acquisition, TEVO will employ
approximately 260 professionals at its Raahe, Turenki ja Tampere sites in
Finland. Over 50% of TEVO's annual net sales of about EUR 50 million come from
exports. TEVO is a financially solid and trustworthy partner. www.tevo.fi
Metso is a leading process performance provider, with customers in the mining,
oil and gas, and aggregates industries. Metso's cutting-edge services and
solutions improve availability and reliability in minerals processing and flow
control, providing sustainable process and profit improvements. Metso is listed
on the NASDAQ OMX Helsinki, Finland. In 2013, Metso's net sales totaled EUR 3.8
billion. Metso employs approximately 16,000 industry experts in 50 countries.
Expect results.
www.metso.com, www.twitter.com/metsogroup
For further information, please contact:
Pirjo Virtanen, Foundry manager, Tampere foundry, tel. +358 20 484 4237, email:
pirjo.virtanen(at)metso.com
Teuvo Joensuu, Managing Director, TEVO limited company, email
teuvo.joensuu(at)tevo.fi
Jussi Ollila, Vice President, Global Communications, Metso Corporation, tel.
+358 20 484 3212, email: jussi.ollila(at)metso.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metso Corporation via GlobeNewswire
[HUG#1881966]
Unternehmensinformation / Kurzprofil:
Datum: 19.12.2014 - 10:00 Uhr
Sprache: Deutsch
News-ID 360755
Anzahl Zeichen: 4344
contact information:
Town:
Helsinki
Kategorie:
Business News
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"Metso to divest its Tampere foundry to TEVO"
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