Displaying items by tag: Tamfelt

Metso gained the title to all the shares in Tamfelt on May 4, 2010 when it lodged the security approved by the Arbitral Tribunal for the payment of the redemption price and the interest accruing thereon.

The Arbitral Tribunal appointed by the Redemption Committee of the Central Chamber of Commerce of Finland has today with its arbitral award confirmed that the redemption price of the shares in Tamfelt Corp. (currently, Metso Fabrics Inc.) is EUR 7.17 per share.

The total number of Tamfelt’s shares to be redeemed is 600,937 shares, that is, approximately 2 percent of the shares in Tamfelt. Metso will pay the redemption price and the interest accrued thereon to the minority shareholders of Tamfelt within one month after the arbitral award has become legally binding, which is estimated to take place in the second half of August 2010.

The arbitral award becomes legally binding after 60 days of its registration with the Finnish Trade Register, assuming that no appeal is filed against it.

Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries. We have about 27,000 employees in more than 50 countries. www.metso.com

Further information for investors, please contact:
Johanna Henttonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253

Metso-acquired Tamfelt Corp. has been established as Fabrics business line within Metso’s Paper and Fiber Technology. Tamfelt was delisted from the stock exchange on May 4, 2010 after Metso had acquired all of Tamfelt shares.

The name change from Tamfelt Corp. to Metso Fabrics Corp. has been registered in the Trade Register on May 21, 2010. Metso Fabrics Corp.’s subsidiaries Tamfelt PMC Corp., Tamfelt Filtration Corp. and Tamfelt Kiinteistöt Oy continue under their present names.

Reima Kerttula, who was President and CEO of Tamfelt Corporation, has been appointed as the President of the Fabrics business line.

Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries. We have about 27,000 employees in more than 50 countries. www.metso.com

Further information for the press, please contact:
Reima Kerttula, President, Fabrics business line, Metso, tel. +358 40 064 8458

Tamfelt has been a part of Metso Corporation since December 28, 2009. During the first months of 2010, Metso and Tamfelt have been integrating their operations. The market situation in Tamfelt’s line of business continues to be challenging.

For economic and production reasons, and due to the reorganization of operations, the company has today given a negotiation proposal according to the employee negotiations act to the representatives of all personnel groups at Tamfelt Corp. and Tamfelt PMC Corp., both Tampere and Juankoski plants. The negotiations do not apply to office staff and workers at the production departments.

The employee negotiations will discuss the measures needed to adjust the operations to the present situation. Measures that can be used are temporary lay-offs, part-time work, and layoffs. The need for personnel reduction is maximum 30 people. The negotiations will be completed in June 2010.

In addition to personnel reductions, the operations will be made more efficient and cost efficiency will be improved also through other measures, in order to secure competitiveness and operations also in the future.

Tamfelt is part of Metso’s Paper and Fiber Technology segment and it employs about 900 people in Finland.

Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries. We have about 27,000 employees in more than 50 countries.www.metso.com

For more information, please contact:
Martti Heinola, President, Tamfelt PMC Corp., tel. +358 40 594 4254
Kimmo Pärssinen, CFO, Tamfelt Corp., tel. +358 40 505 3755

The Arbitral Tribunal appointed by the Redemption Committee of the Central Chamber of Commerce of Finland has today by its decision confirmed that Metso Corporation has the right to redeem about 2 percent minority shares in Tamfelt Corp. and that Metso has the right to obtain title to the minority shares in Tamfelt by lodging a security approved by the Arbitral Tribunal for the payment of the redemption price and the interest accruing thereon.

Metso has today lodged the security of EUR 5.5 million approved by the Arbitral Tribunal and, therefore, gained title to all the shares in Tamfelt in accordance with Chapter 18, Section 6 of the Finnish Companies Act. After lodging the security, the minority shareholders of Tamfelt being parties to the redemption proceedings are entitled to receive the redemption price and the interest payable thereon.The redemption price and the interest thereon is estimated to be confirmed by the arbitral award in June 2010, at the earliest. Metso will pay the redemption price within a month after the arbitral award has become legally binding, which is estimated to take place in August 2010 the earliest.

Upon application by Tamfelt, NASDAQ OMX Helsinki Ltd (the Helsinki Stock Exchange) has decided that the shares in Tamfelt will be delisted from the official list of the Helsinki Stock Exchange when title to all shares in Tamfelt has been transferred to Metso. The trading and the listing of the Tamfelt shares on the Helsinki Stock Exchange will therefore cease in accordance with a separate release to be published by the Helsinki Stock Exchange.

Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries. We have about 27,000 employees in more than 50 countries. www.metso.com

Further information, please contact:
Johanna Henttonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253