HELSINKI, Finland, April 13, 2015 (GLOBE NEWSWIRE) -- Metso has finalized the sale of the Tampere foundry, announced December 19, 2014, to the Finnish company TEVO Oy. The business was transferred to the new owner on April 13, 2015. The sales price will not be disclosed. In conjunction with the sale, all foundry personnel transferred to TEVO Oy with their existing employment contracts.
"Tampere foundry's expertise, equipment and product portfolio are mainly centered around demanding steel castings that are outside Metso's selected customer sectors, e.g. in the shipbuilding and hydropower industries. The divestment of the foundry supports Metso's strategy and gives both parties the opportunity for a positive future and collaboration," says Juha Silvennoinen, President, Services business area, Metso.
After the sale, Metso has five of its own foundries and a comprehensive network of casting suppliers serving the mining and aggregates industries. Metso's own 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; it has been in business for over 40 years. TEVO is an internationally operating heavy-duty machine engineering workshop, whose business has expanded from the steel and paper industries to the offshore and shipbuilding industries. TEVO specializes in complex steel structures and specialty welding. Its own product offering consists of, e.g., bronze propellers for sea-going vessels and specialty rolls for paper industry. With the acquisition, TEVO employs approximately 260 professionals at its Raahe, Turenki and 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. It is one of the most successful companies in its sector in Finland. www.tevo.fi
Metso is the world's leading industrial company in the mining and aggregates industries and in the flow control business. Our knowledge, people and solutions help drive sustainable improvements in performance and profitability in our customers' businesses.
Metso has an uncompromising attitude towards safety. Our products range from mining and construction equipment and systems to industrial valves and controls. Our solutions are delivered and supported by decades of process knowledge and a broad scope of services backed by a global footprint of over 90 service centers, thousands of service employees, and an extensive logistics network.
Metso is listed on the NASDAQ OMX Helsinki, Finland. In 2014, Metso's net sales totaled EUR 3.7 billion. Metso employs approximately 14,000 industry experts in more than 50 countries. Expect results.
For further information, please contact:
Pirjo Virtanen, VP Operations and Site Manager, Tampere, Finland, Metso, Tel. +358 20 484 4237, Email: email@example.com
Teuvo Joensuu, Managing Director, TEVO Oy, Tel. +358 40 504 7655, Email: firstname.lastname@example.org
Jussi Ollila, Vice President, Global Communications, Metso Corporation, Tel. +358 20 484 3212, Email: email@example.com