ESPOO, Finland, April 4, 2003 (PRIMEZONE) -- On April 2, 2003, Metsa Tissue Corporation acquired 38 percent of the shares of the Polish tissue products converter Krapex Sp.zoo, having previously received the necessary approval from the Polish competition authority and Poland's Ministry of the Interior. The price of the shares was EUR 0.8 million and was based on the (100%) debt-free value of the whole of Krapex, which is around EUR 3 million. Metsa Tissue already owned 47 per cent of the company, and the share acquisition now brings its interest in Krapex to 85 per cent. Krapex will be consolidated into Metsa Tissue's accounts with effect from April 2003.
Krapex is situated in Krapkowice in southern Poland, immediately next to Metsa Tissue's Krapkowice production plant. Krapex produces bathroom tissue, paper towels and industrial wipes for the away-from-home market. In 2002, Krapex had a turnover of around EUR 10 million and the company made a profit. The acquisition will have a slight positive impact on Metsa Tissue's earnings per share for 2003.
The acquisition of Krapex makes Metsa Tissue Poland's biggest producer of tissue products for the away-from-home market and raises Metsa Tissue's share of the total Polish market for converted tissue products to around 20 per cent. Metsa Tissue's brand names on the Polish away-from-home market are Katrin and Saga.
For more information: Lars Warvne, President and CEO gsm +46 70 572 8921 Timo Suuriniemi, Chief Financial Officer tel. +358 10 469 4580 gsm +358 50 560 8271
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