Lee & Man Cancels Order for Board Machine in China
Dec. 18, 2008 - Paper machine supplier Metso said that Lee & Man Paper Co. has cancelled an order for a kraftliner board machine that was to be installed at the pulp and paper producer's Hongmei mill in Guangdong province, China.
The value of the order, which was placed in September 2007, was EUR 40 million, Metso said.
According to Metso, Lee & Man's decision to cancel the machine project was based on significant changes in the current market.
Metso said that it has already received payments covering all costs and expenses associated with the project, which was in the engineering phase.
No significant parts of the new machine had been manufactured yet, Metso added.
SOURCE: Metso Corp.