METSO'S AUTOMATION AND CONTROL TECHNOLOGY STRENGTHENS ITS INTELLIGENT VALVE TECHNOLOGY

Metso Corporation's automation and control technology business area Neles Automation has agreed to acquire StoneL Corporation, a supplier of valve monitoring and communications solutions in Minnesota. The acquisition is scheduled to be completed at the beginning of August. The parties have agreed not to disclose the acquisition price.

The acquired company will merge with Neles Automation's Jamesbury division, a leading manufacturer and supplier of automated and manual industrial valves and actuators. The Jamesbury division operates in North America.

StoneL Corporation produces a broad array of valve monitoring and communication product platforms, for applications ranging from general purpose to restrictive hazardous environments. The high quality StoneL brand name products are complementary to those of Jamesbury, and will allow Jamesbury and StoneL to leverage existing customer relationships and product offerings. StoneL Corporation employs 30 persons.

Metso Corporation's automation and control technology business area, Neles Automation develops and supplies process automation and flow control solutions for the pulp and paper, refining, petrochemical, chemical and energy industries. In 1999, the business area had net sales of EUR 599 million and 4,350 employees.

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. The net sales of Metso Corporation was EUR 3.4 billion in 1999 and personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and the New York Stock Exchange.