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Finland's Outokumpu Technology to list on Helsinki Stock Exchange

Finland's Outokumpu Technology to list on Helsinki Stock Exchange

Outokumpu Oyj.'s Outokumpu Technology business will begin trading on the Nordic Exchange in Helsinki starting Oct. 10, becoming the sixth company to list on that exchange this year, the company said Friday.
Last week, the Finnish metals and technology group announced plans to sell more than 80 percent of its technology unit to further the company's strategic goal of becoming the world's largest stainless steel maker.
The offer of some 30 million shares aimed to raise more than euro500 million (US$640 million), was expected to be completed by Oct. 9, Outokumpu said. After the sale, Outokumpu's share of the technology unit will be reduced to some 12-20 percent.
The group said the share sale would further help it achieve its goal, announced in 2004, of becoming the world's No. 1 stainless steel producer. Outokumpu moved into the No. 2 spot in 2000 when it merged steel operations with Avesta Sheffield to form AvestaPolarit.
Outokumpu Technology, which makes equipment for the minerals and metals processing industries, posted sales of euro556 million (US$706 million) in 2005.
"Listing on the Helsinki Stock Exchange will improve our possibilities to grow and develop our business," Chief Executive Tapani Jarvinen said.
Based in Espoo, near to the Finnish capital Helsinki, the Outokumpu group has 11,000 workers in 30 countries. The Finnish government holds a 40 percent stake in the group. Outokumpu Technology employs some 1,800 workers.
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Updated : 2021-05-16 15:12 GMT+08:00