Metso Oyj: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
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Metso Oyj Sells Its Share in Chinese JV Company to JV Partner, Moves Jamesbury Valves Production from SNJ to Technology Center in Shanghai and Agrees on Areas of Cooperation
Metso Oyj announced that the Company has entered into an agreement to sell its shares of its joint venture (JV) company Shanghai-Neles Jamesbury Valve Co., Ltd (SNJ) to Shanghai Electric International Economic & Trading Co., Ltd (SEIC), which is the other joint venture partner. At the same time, a cooperation continues between Metso, SNJ and SEIC as companies have agreed several future cooperation areas. Metso will move its Jamesbury valves production from SNJ to Metso Technology Center in Shanghai. The final closing of the transaction requires regulatory approvals by Chinese authorities and is estimated to take place during the second quarter of 2013. Financial details were not disclosed. The change from a joint-venture based operation to directly controlled Jamesbury business is in line with Metso's long-term strategy to strengthen its valve production and service capabilities in growing markets. SNJ was established in 1990 to produce valves and actuators under Jamesbury product name for Chinese markets. Metso and SEIC owned both 50% of SNJ.
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