Metso acquires 100% ownership in Metso-SHI joint venture

Jan 16, 2007. /Lesprom Network/. Metso Paper has acquired all of Sumitomo Heavy Industries' (SHI) shares of the Metso-SHI Co., Ltd. joint venture. Previously Metso Paper possessed 50%, Metso Automation 15% and SHI 35% of the joint venture, through which Metso Paper has handled all its business, and Metso Automation its pulp and paper industry related business in Japan. This arrangement allows Metso Paper to organize their Japanese operations flexibly now that the company has closed the acquisition of Aker Kvaerner's Pulping and Power businesses. The Japanese pulp and paper market, in which Metso has been actively present in cooperation with SHI since 1976, is widely considered as one of the world's most demanding. In 2005 the country's paper and board production totaled approximately 31 million tonnes, whereas pulp production reached 11 million tonnes. The Metso-SHI joint venture employs a total of about 50 people, located in Tokyo and Okayama. Metso is a global engineering and technology corporation with 2005 net sales of approximately Euro 4.2 billion. Its 25 000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.