HELSINKI: Finnish engineering company Metso said on Thursday it had agreed to sell its process automation business to Valmet in a deal valuing the division at 340 million euros ($400 million).
Metso had been mulling the sale of the business, which has annual sales of about 300 million euros, since reviewing its strategy last year. The process automation business serves the pulp, paper and power industries.
Metso said it expected to book a significant capital gain from the deal which it estimates should close by April.
Valmet, which makes paper production machines, was spun off from Metso early last year.
Metso makes most of its money from the mining industry and had sales of about 3.8 billion euros in 2013
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