Aker Kvaerner's sale of Pulping and Power businesses to Metso into the second phase in the European regulatory clearance process
14 August 2006 - Metso Corporation's application for the clearance of its purchase agreement of Aker Kvaerner's Pulping and Power businesses has been extended into the second phase in the EU review process. The European Commission has indicated in a press release it has issued today that it has identified certain potential competition issues in the markets for pulp mill equipment. Metso and Aker Kvaerner continue to cooperate constructively with the Commission to lift any doubt that might exist and to solve any potential competition concerns.
Both Metso and Aker Kvaerner continue to believe that the acquisition does not pose significant competition issues. Furthermore, the companies believe that it will create synergies and development potential that will benefit customers in the future. The second phase will involve the continuation of the European Commission's review of the acquisition for a period up to 90 working days, with possible extensions.
The acquisition of Aker Kvaerner's Pulping and Power businesses fits well with Metso's strategy of profitable growth. Kvaerner Power's products and services, i.e. chemical recovery systems for the pulping industry and power generation solutions, are not part of Metso's current offering. The pulping equipment and related services delivered by Kvaerner Pulping are mainly complementary to Metso's current fiber technology offering.
ENDS
For further information, please contact:
Media:
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36,
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36,
Mob: +47 928 85 542
Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, Tel: +47 67 51 30 39
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, Tel: +47 67 51 30 39
Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact [BA Global Sourcing Champion, telephone number found here: http://enet.akerkvaerner.com/enet/Projects/GXX/Organisation/GxxOrganisationChart.htm.
For further information about sourcing and potential subcontracts for this project, please contact [BA Global Sourcing Champion, telephone number found here: http://enet.akerkvaerner.com/enet/Projects/GXX/Organisation/GxxOrganisationChart.htm.
AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.
The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.4 billion and employs approximately 23 000 people in more than 30 countries.
Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 40 000 employees and NOK 62 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com
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