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In a review required by Valmet-Rauma's forthcoming listing on the Helsinki Exchanges, Rauma and Valmet say their 1999 operational profit before extraordinary items and income taxes will be less than half of last year's level.
Pulp and paper industry demand remains weak, and this investment slump is expected to limit 1999 demand for products in the fibre and paper technology activities, as well as in the automation and flow control business areas. However the replacement, process part rebuild, spare parts and service markets are expected to remain active.
While demand for forest machines in Europe is strong, continued slack is expected in North America until the last quarter of this year. Construction and civil engineering investment is expected to remain positive, with a healthy demand for crushers.
The paper and mining machinery company has been hit hard by the Asian crisis. At the time of the Chapter l I filing, Harnischfeger had debts of US$1.3 billion. A US$90.7 million loss was recorded for the six months ended 30 April.
The filing covers the parent company and its US operating subsidiaries, including Joy Mining Machinery, P&H Mining Equipment and Beloit O ยขZ
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