Metso Corporation has entered into an agreement with Valmet for the sale of its Process Automation Systems (PAS) business. The divestment forms part of Metso’s strategy to focus on the product and services businesses for the mining, aggregates, oil and gas industries, as announced in July 2014.
PAS offers process automation solutions for the pulp, paper and power industries, including automation and quality control systems, analysers and measurements.
Subject to regulatory approval, the transaction is expected to close by April 2015. It has an enterprise value of €340 million.
“We are very pleased to announce this transaction. It is a logical step and an important milestone in implementing our new strategy. We are happy that we could achieve this strategic milestone in a timely manner, thereby allowing Metso to fully focus on growing its core businesses and also minimising the period of uncertainty for the PAS business and people,” said Matti Kähkönen, President and CEO of Metso. “Metso will continue developing intelligent solutions for its mining, aggregates and flow control customers. For our pulp, paper and power customers we will remain a trusted partner through our valve solutions.”
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/europe-cis/16012015/metso-corporation-to-sell-pas-business-to-valmet-151/