Valmet Fibertech´s acquisition of Kvaerner Panel Systems approved

Published Oct 06, 1999 00.00.00 +2 GMT

The earlier announced Letter of Intent covering the acquisition by Valmet Fibertech (former Sunds Defibrator), Sweden, of the technology, machine program and know-how of Kvaerner Panel Systems GmbH, Germany, has now received the necessary government and board approvals.

As a result, Kvaerner Panel Systems GmbH, including its Belgian subsidiary, De Mets N.V., is part of the Valmet Panelboard business line as of October 1, 1999.

With this acquisition, combined with the acquisition of Küsters Press Division in July this year, Valmet Fibertech confirms its long-term commitment to the panelboard industry and further strengthens its ability to serve the industry, especially within the particleboard area.

With the recent merger of Sunds Defibrator and Valmet Paper Machinery, forming Valmet, the Fiber and Paper Technology business area within Metso, a world leading supplier of technologies, systems and equipment for the pulp, paper and panelboard industry is formed.

Metso Corporation, which was created through the merger of Valmet and Rauma on July 1, 1999, is specialized in the development and manufacturing of process engineering, automation and machinery for industry. Metso comprises three business areas – Fiber and Paper Technology, Automation and Flow Control, and Machinery. In 1998, the combined net sales of Metso amounted to approx. EUR 3.7 billion (FIM 22 billion). The combined number of employees was 23,000.