Metso making major adjustments.METSO MAKING MAJOR ADJUSTMENTS. Metso Corp., Helsinki, Finland, has agreed to the sale of its Converting Group to Swiss Bobst Group for an estimated amount of approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 75 million (US$ 88.5 million). Bobst Group SA is on the SWX Swiss Exchange SWX Swiss Exchange An all-electronic securities exchange formed from the 1995 merger of exchanges in Geneva, Basel, and Zurich. The exchange offers trading in equity securities, investment funds, exchange-traded funds, bonds, Eurobonds, and options. . The divestment divestment to strip one's investment from an entity. is a part of Metso's strategy to focus on its core businesses--pulp and paper technology, rock and minerals processing, and process automation. In related news: Metso Corp says it is continuing to streamline its cost structure and improve efficiency. The target for the efficiency improvement program is now more than EUR 100 million (US$ 114.5 million) annual cost savings of which Metso Paper will account for slightly below EUR 40 million (US$ 48.5 million). As a result of the reevaluation of the role of Metso headquarters in Helsinki, personnel discussions have started concerning the reduction of 40 employees from the total of 120 employees. METSO PAPER: * Reduced North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. employment by 220 people. * Will eliminate 340 employees in Finland and Sweden. * Has begun negotiations in Sundsvall, Sweden, for a reduction of 40 employees. * Is also initiating a review concerning its unit in Como, Italy. The nonrecurring expenses of Metso Paper's efficiency improvement measures in the Nordic countries and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. will amount to EUR 37 million (US$ 44.9 million). |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion