HELSINKI - Finnish engineering group Metso will buy back a minority stake in car manufacturer Valmet from ThyssenKrupp but is still looking to sell some or all of the loss-making unit, Metso said on Monday.
Metso said it will lose five million euros ($6.2 million) of a 10-million euro gain made in 2001 when ThyssenKrupp bought 10 percent of Valmet with an option to acquire the rest. Metso will take the hit in the second quarter.
ThyssenKrupp already announced in December it would not use its buy-out option.
Debt-ridden Metso still hopes to sell or find a cooperation deal for Valmet, which has made Porsche Boxters and other cars, but the unit is suffering from a lack of orders and its sales dropped 70 percent in the first quarter.
But Metso has said there is no pressing need for divestments after its balance sheet was strengthened by the 275 million euro sale in April of its paving equipment business Dynapac.