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Shanghai-Chenming Paper Machinery Transferred to Metso
Shanghai, China, 31 August 2006 -- Metso Paper has received relevant regulatory approvals from the Chinese authorities for the acquisition of Shanghai-Chenming Paper Machinery Co. Ltd, a manufacturer of paper and board machines. The entire share capital of the company was transferred to Metso as of 31 August 2006. The debt-free purchase price and the investments related to the development of the unit total about EUR 35 million. The company was previously owned by Shandong Chenming and Shanghai Heavy Machinery.

The acquired company, operating from now on under the name of Metso Paper Technology (Shanghai) Co. Ltd., comprises a workshop, a foundry, and a design department. The unit is located in the Shanghai area in Jiading and it employs around 550 people. The unit will mainly concentrate on manufacturing paper and board machine sections for Metso Paper's delivery projects in China. However, the plant already has the capability to manufacture a major part of a conventional linerboard machine for the Chinese market. The unit can also supply some components for projects outside of China, which will strengthen Metso's global sourcing.

The Shanghai unit will further strengthen Metso Paper's capabilities to serve the fast growing Chinese paper industry and will simultaneously open new opportunities to serve also markets outside of China.

Metso Paper also has a joint venture company, Valmet-Xian Machinery Co. Ltd. in China. Valmet-Xian employs approximately 1110 people and focuses on small and medium size paper and board machines. Metso owns 48.3% of the joint venture.

Metso is a global engineering and technology corporation with 2005 net sales of approximately EUR 4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.


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