Metso to divest its Tampere foundry to TEVO
Metso has concluded the study related to Tampere foundry announced in 2013. As a result Metso will divest the Tampere foundry to a Finnish company TEVO. The new owner will continue the foundry operations under the TEVO-Lokomo name at the foundry's current premises in Tampere. All 128 people currently employed by the foundry will continue with their current employment contracts. Completion of the divestment is expected to occur on March 1, 2015. The value of the transaction will not be disclosed.
"Operations at the Tampere foundry are of good quality, and it fits well to our strategy to serve both TEVO's and Lokomo's customers with a wider product offering for example in the offshore industry. TEVO has earlier this year started a unique development project related to arctic propellers together with Aker Arctic and VTT. The steel foundry knowhow supports this project. The foundry operations together with our propeller manufacturing unit in Turenki, Finland make TEVO an internationally recognized player in the industry", says TEVO's managing director Teuvo Joensuu.
"I am happy that the foundry operations will continue in Tampere. Divestment offers a great starting point for developing the foundry operations as part of TEVO", says Juha Silvennoinen, President, Services business area, Metso.
In addition to the Tampere foundry, Metso has currently five foundries and an extensive network of external casting suppliers serving the mining and aggregates industries. Our foundries are located in Ahmedabad/India, Isithebe/South Africa, Prerov/Czech Republic, Quzhou/China and Sorocaba/Brazil.
