10. September 2003
KONE signs today an agreement for the sale of ist tractor business Valtra, including the subsidiary Sisu Diesel, to U.S.-based AGCO Corporation. AGCO is known with brands like Fendt or Massey Ferguson. The purchase price is EUR 600 million. The transaction is subject to relevant competition authority approval.
In 2002, Valtra net sales totaled EUR 761.7 million with an operating margin of 5.9 percent, return on assets of 15 percent and return on capital employed in excess of 25 percent. Production of the plants in Finland and Brazil was approximately 18,000 tractors. Valtra is the market leader in the Nordic countries and the fastest growing brand in Europe.
The Valtra brand and business will be maintained in its current manufacturing locations along with its distribution network.
The sale of Forest Machines is in progress.