Finnish packaging giant Metso has reached an agreement of the sale of its Converting group to Swiss firm Bobst Group. The deal is worth in the region of €75 million, and regulatory approval processes have already been initiated. If all goes to plan, the Converting group will be integrated into the Bobst Group at the end of this process, which is expected to be completed by the New Year.
The divestment is a part of Metso's strategy to focus on its core businesses - pulp and paper technology, rock and minerals processing and process automation. The memorandum of understanding about the divestment was signed in November 2002.
Metso's Converting group comprises four business units, which are located in England and Italy. These units operate rotogravure and flexographic printing presses, coating, laminating and vacuum metallizing production lines, as well as slitters and sheet cutters.
The Converting Group has been operating with the product names Atlas, General, Titan and Rotomec. In 2002, net sales of the group amounted to €160 million, with a workforce of around 800 employees.
Bobst Group is the world's leading supplier of products and services for the folding carton, corrugated board and flexible packaging industries. A wide range of products is manufactured in various countries and marketed through a sales and service network in more than 50 countries. The company is listed on the SWX Swiss Exchange.
Metso Corporation is a global supplier of process industry machinery and systems. The corporation's core businesses are fibre and paper technology, as well as rock and mineral processing. The company is also involved in automation and control technology, and has extensive involvement in industrial processes for the food industry.
In 2002, net sales of Metso Corporation were €4.7 billion with a workforce of over 28,500. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.