Metso to divest its Tampere foundry to TEVO
19 December 2014 - 08:17PM
Metso has concluded the study related to Tampere foundry announced
in 2013. As a result Metso will divest the Tampere foundry to a
Finnish company TEVO. The new owner will continue the foundry
operations under the TEVO-Lokomo name at the foundry's current
premises in Tampere.
All 128 people currently employed by the foundry will continue
with their current employment contracts. Completion of the
divestment is expected to occur on March 1, 2015. The value of the
transaction will not be disclosed.
"Operations at the Tampere foundry are of good quality, and it
fits well to our strategy to serve both TEVO's and Lokomo's
customers with a wider product offering for example in the offshore
industry. TEVO has earlier this year started a unique development
project related to arctic propellers together with Aker Arctic and
VTT. The steel foundry knowhow supports this project. The foundry
operations together with our propeller manufacturing unit in
Turenki, Finland make TEVO an internationally recognized player in
the industry", says TEVO's managing director Teuvo
Joensuu.
"I am happy that the foundry operations will continue in
Tampere. Divestment offers a great starting point for developing
the foundry operations as part of TEVO", says Juha
Silvennoinen, President, Services business area, Metso.
In addition to the Tampere foundry, Metso has currently five
foundries and an extensive network of external casting suppliers
serving the mining and aggregates industries. Our 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, and has been in business for over 40 years. TEVO is an
internationally operating heavy-duty machine engineering workshop,
whose business has expanded from steel and paper industries to
offshore and shipbuilding industries. TEVO specializes in complex
steel structures and specialty welding. Own product offering
consists of bronze propellers for sea-going vessels and specialty
rolls for paper industry as examples. After the completion of the
acquisition, TEVO will employ approximately 260 professionals at
its Raahe, Turenki ja 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. www.tevo.fi
Metso is a leading process performance provider, with customers
in the mining, oil and gas, and aggregates industries. Metso's
cutting-edge services and solutions improve availability and
reliability in minerals processing and flow control, providing
sustainable process and profit improvements. Metso is listed on the
NASDAQ OMX Helsinki, Finland. In 2013, Metso's net sales totaled
EUR 3.8 billion. Metso employs approximately 16,000 industry
experts in 50 countries. Expect results.
www.metso.com , www.twitter.com/metsogroup
For further information, please contact:
Pirjo Virtanen, Foundry manager, Tampere foundry, tel. +358 20
484 4237, email: pirjo.virtanen(at)metso.com
Teuvo Joensuu, Managing Director, TEVO limited company, email
teuvo.joensuu@tevo.fi
Jussi Ollila, Vice President, Global Communications, Metso
Corporation, tel. +358 20 484 3212, email:
jussi.ollila(at)metso.com
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