Styria Group to buy Imatra Steel's Spring Works

6/16/2003, 1:04 PM (Source: GlobeNewswire)

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Wärtsilä Corporation STOCK EXCHANGE RELEASE 16 June 2003

Frauenthal Holding AG, owner of Styria Group, a leading European
manufacturer of spring components for trucks and commercial vehicles,
will acquire the Billnäs Spring Works from Imatra Steel. Under the
terms of the agreement signed today, Styria Group takes over the
operations and assets of the Billnäs Spring Works on 31 July 2003.

The agreement strengthens Billnäs Spring Works' position as a
manufacturer of high-quality spring components. The unit, with 118
employees, generated net sales in 2002 totalling EUR 13.7 million.
Styria Group's net sales in 2002 amounted to EUR 93 million and it
has altogether 646 employees, who work in Austria, France, Germany
and Slovenia.

Imatra Steel, a wholly owned subsidiary of Wärtsilä Corporation, will
henceforth concentrate on manufacturing and marketing long special
engineering steels and forged components for the truck industry.

Imatra Steel comprises the Imatra Steel Works and the Kilsta and
Scottish Stampings forges. Following this divestment Imatra Steel
will have annual net sales of approximately EUR 200 million and
roughly 1200 employees.

For more information, please call Mr Kari Tähtinen, President of
Imatra Steel, tel +358 10 7095 302.
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