Valmet agrees to broad cooperation with Albany International

Published Oct 04, 2000 00.00.00 +2 GMT

Valmet Corporation, a subsidiary of Metso Corporation (NYSE: MX; HEX: MEO), and Albany International Corp. (NYSE/PSE: AIN) announced today that they have agreed to a program intended to produce a broad cooperation in technology, marketing, sales, and services for the paper industry. The two companies have been engaged in technical cooperation for several years.

The new arrangement is aimed at developing improved products and services for papermakers by exploring and taking advantage of complementary aspects of the businesses and technologies of the two companies.

As a part of the broad cooperation, Valmet has been given a right to sell certain Albany belts in connection with its sale of new paper machines and the rebuilding and servicing of existing machines.

Albany International is the world’s leading producer of paper machine clothing with manufacturing in 15 countries and research facilities in the U.S. and Sweden. In addition to paper machine clothing, Albany is the world’s largest producer of high performance doors. In 1999, the net sales of Albany International were $778 million, with approximately 7,000 employees worldwide.

Valmet is the world’s leading supplier of technology, systems, and equipment for the pulp, paper, converting, and paperboard industries. In 1999, Valmet’s net sales were EUR 1.7 billion, and it employees 10,600 persons.

Metso Corporation is a global supplier of process industry machinery and systems. In addition to fiber and paper technology, Metso’s business areas are automation and control technology and machinery. In 1999, the net sales of Metso Corporation were EUR 3.4 billion, and the personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.

For further information please contact: Leo Allo, Senior Vice President, Marketing and Communications, tel. +358 40 544 9509