The Finnish paper-making equipment manufacturer announced this morning that deal should be effective from April 2008, subject to regulatory approval.
MIH said it was looking to divest its paper machinery division and chose Metso because they jointly own key patents and intellectual property acquired from Beloit Corporation, as well as due to Metso's global scale.
The deal would give Metso MIH's pulp and paper machinery business, including after-sales services, as well as technical documents, designs and intellectual property rights to the equipment.
However, MIH will continue to be responsible for machines still under warranty and will redeploy its staff within its broader Paper and Printing Machinery division. Metso will take over service contracts after the warranty period.
Have your say in the Printweek Poll
Related stories
Latest comments
"Thanks Jo, look forward to reading it in due course. Administrators generally argue that they need to act with lightning speed in order to protect the business/jobs, thereby overlooking the fact that..."
"Hello Keith,
The details will be in the administrators' report but that's not available yet. I will write a follow-up piece when that's filed.
Best regards,
Jo"
""The terms of the deal were not disclosed."
Here we go again. Why is it that administrators are not obliged to reveal the terms of a pre-pack deal?"
Up next...
All roles retained
Pureprint snaps up Ashford Colour Press
Machines arrived in early November
OPG doubles capacity with Latex and Zünd install
'A major step forward'
JICMail and Origin conduct mail measurement pilot study
Three year extension