HELSINKI, Finland, May 2, 2006 (PRIMEZONE) -- Metso Corporation's Annual General Meeting on April 4, 2006 gave Metso Corporation's Board of Directors the authority to resolve to repurchase the Corporation's own shares with its distributable funds provided that the combined nominal value of the shares thus acquired corresponds to no more than 5 percent of the Corporation's total share capital at the moment of acquisition.
The authorization entitled the Board to repurchase the Corporation's own shares among other things for use as incentives for key persons. According to the authorization, the shares are to be acquired through public securities trading on the Helsinki Stock Exchange, at the share price prevailing on the day of acquisition.
Based on the authorization Metso Corporation's Board of Directors has decided on April 28, 2006, to repurchase at most 300,000 its own shares for use as incentives for key persons. The shares will be acquired at the rate quoted in public trading of the shares on the Helsinki Stock Exchange at the time of purchase. The acquisition price will be paid to the sellers within the payment period stipulated by the rules and regulations of the Helsinki Stock Exchange and the Finnish Central Securities Depository Ltd. The acquisition of the shares will reduce the parent company's distributable funds, which are currently approximately EUR 261 million.
The repurchase of the company's own shares will not begin until May 10, 2006.
Metso is a global engineering and technology corporation with 2005 net sales of approximately EUR 4.2 billion. Its 22,000 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.