THE RESTRUCTURING AGREEMENT BETWEEN ASPOCOMP AND MEADVILLE HAS BEEN COMPLETED

Aspocomp Group Oyj   Company Announcement  December 14, 2007 at 10:00 am 

  

The closing of the business restructuring agreement signed by Aspocomp Group Oyj and Meadville Holdings Limited on November 8, 2007, has been completed.

 

In accordance to the agreement, Aspocomp transferred its shareholdings in its subsidiaries in China and India as well as certain equipment from the Salo plant to its holding company that will be named Meadville Aspocomp Holdings Limited. In addition, Aspocomp sold a shareholding of 80 percent in the holding company to Meadville for about EUR 61 million. Aspocomp has repaid its interest bearing liability to Standard Chartered Bank and will use the rest of the consideration to partially repay its interest bearing liabilities in Finland and to improve its liquidity.

 

Further information about the agreement can be found in the stock exchange releases published on November 8, 15, 16 and 23. Aspocomp’s extraordinary general meeting approved the agreement on November 26, 2007.

 

For further information, please contact Maire Laitinen, General Counsel,

tel. +358 9 7597 0723.

 

ASPOCOMP GROUP OYJ

 

 

 

Isto Hantila

President and CEO

 

 

Distribution:

The Nordic Exchange

Major media

www.aspocomp.com